THE BLUEPRINT 2025
THE BLUEPRINT 2025 Welcome to
It gives me great pleasure to introduce the inaugural edition of The Blueprint, Galbraith’s new annual magazine.
Our new publication has been created to provide a thoughtful, informative, and inspiring look at the world in which we work. It is a diverse one! It offers a glimpse into the lives of the clients, businesses, and communities we serve across Scotland and the North of England. As one of the UK’s leading firms operating at the heart of property we are uniquely placed to share insights on a broad and evolving landscape.
From residential and commercial property to estate management, farming, forestry, building consultancy and renewable energy, our work connects us to some of the most dynamic and beautiful places in the country with our incredible team. With The Bluepr int, we want to bring these stories to life — and offer you a window into the trends, challenges, and opportunities shaping the future of land and property.
In this first edition, highlights inc lude a conversation with Viscount Stormont of Scone Palace, who speaks candidly about the stewardship of a historic estate, the challenges of succession, and the growing role of renewable energy. We also explore the increasing appeal of forestry as an investment, the realities of natural capital, and what the next phase of energy infrastructure could mean for rural communities, amongst many other subjects.
The Blueprint is designed to be both useful and enjoyable; a publication to dip into over time, to share with others, and to keep close at hand. We hope you enjoy it and it earns a place on your coffee table or office shelf, and that you return to it often.
On behalf of all of us at Galbraith, thank you for reading.
Martin Cassels, Chief Executive Officer, Galbraith
4 Destiny, family & community
Shaping a 400 year-old business for the future.
10
Why buy a forest?
Some of the many reasons underpinning the continued interest in buying woodland.
14
Investing in Edinburgh
Location, location, location... A familiar phrase in the world of property and one which will forever be important.
18 The Scottish Estate Market
For those looking to acquire the iconic Scottish Estate.
20 Renewable energy, AI & data centres
Increased use of AI and machine learning are driving demand for data centres in Scotland.
22
Reimagining Natural Capital Markets
The natural capital market, which holds such significant promise for tackling c limate change and biodiversity loss, stands at a crucial point.
26 Big skies & boundless opportunity
As the days get longer, brighter and warmer and nature emerges from its slumber, so too the property market comes to life every spring.
28 Choosing the right Project Manager
The key role of a Project Manager.
30 The Scottish industrial market
Enjoying unprecedented occupational performance in the last 5 years.
34 Property showcase
Some of our finest sold properties.
50 The feel good factor
What is it that drives demand for property in a particular location at a particular time?
52 Rural diversification
How Estates are adapting to a changing economy.
54 The changing face of Estate Management
Reflections on nearly five decades as a land agent.
58
NESO grid reforms
Scotland's renewable energy sector is on the verge of a significant transformation, driven by ambitious climate goals and the need to rapidly modernise the electricity network.
62 Help! I’ve bought a forest!
Dr Eleanor Harris asks the Galbraith forestry team for their professional advice.
66 Change & Opportunity
What's driving Scotland and Northern England's farm and land markets?
68 Compensatory planting
An alternative means to deliver woodland creation.
70 Energy Developments
Set to stretch local infrastructure.
72
The importance of an accurate reinstatement cost assessment for insurance
When it comes to property insurance, ensuring that your building is adequately covered is crucial.
74 Get to know our Chairman A day in the life with Andrew Shepherd.
DESTINY, FAMILY & COMMUNITY
Shaping a 400 year-old business for the future
Story: Nick Ainscough Photography: Scone Palace
Scone Estates is a 400-year-old family business situated in the heart of rural Perthshire. The Estate stretches from fertile arable land by the banks of the River Tay at Scone, to the rolling hills of North Logiealmond.
Aforward-thinking diversified rural business, the Estate comprises farming, forestry, fishing, property and tourism enterprises. The principal visitor attraction is Scone Palace and Gardens, renowned as the crowning place of Scottish kings with a history stretching back over fifteen hundred years. Macbeth and Robert the Bruce were crowned at Scone and the last coronation was of Charles II in 1651.
Galbraith is a rural agent to Scone Estates, advising on the agricultural and wider estate management elements of the business.
William Murray, Viscount Stormont, took time to discuss the business and his priorities with Nick Ainscough of Galbraith.
Nick: Many thanks for providing us with this insight into Scone Estates. I wondered if you could start us off by telling me about your career before you came back here to run the business at Scone?
Viscount Stormont: I guess I have quite an eclectic background! After my undergraduate degree at Durham University, I moved to Rome where I worked for a humanitarian organisation called the Sovereign Order of Malta as a Diplomat. I travelled around the world and was involved in a huge amount of good work. After Rome, I moved to New York and worked for a very interesting consulting practice which specialised in the SME market. They hand led a huge variety of businesses, from a jewellery company in Brooklyn which supplies Tiffany, to an insurance broker in New York, to a trucking company that delivers sound systems for rock concerts! It was great hands-on experience of how businesses work. I then did an MBA at Oxford which I hoped would help me establish both my own career, potentially separate to Scone, as well as being invaluable for helping me navigate my inevitable future at home in our family business. I don’t want to blow my own trumpet but it probably says a bit about the evolution of our family business that out of 16 generations, I am the first to undertake a formal business education!
Nick: Do you think that’s a common theme for the next generation that are now taking on the responsibility of managing traditional estates?
Viscount Stormont: Yes, very much so and certainly in my case, I have had huge support and encouragement from my own family but was also inspired by other individuals who are mentors of mine and who are in similar positions to me and have been very business-minded on their own properties.
Nick: And now you are back at Scone having had these experiences, do you recognise the benefits in your work here day to day?
Viscount Stormont: Definitely. For me the one amazing privilege about owning a property like Scone Estates is that on any given day you can be immersed in anything. You could just sit back and watch the grass grow or you could rewild it or you could start a rock concert, or you can build houses. With a bit of endeavour, I believe everything is on the table for us as a business. And that is a great privilege but at the same time it means you need to be savvy and understand the business risks and liabilities to make sure you make good decisions. So I think that the combination of my consulting experience and then the MBA, did set me up well for what we are doing now.
Nick: Yes, and you obviously have the management team internally as well as external advisors so whilst it’s not necessarily all on you, it must be empowering to make your own management decisions drawing on your own abilities as opposed to always relying on someone else’s acumen?
Viscount Stormont: Yes, and I think that’s very important. I always hesitate to say this but I’m only sitting here because of previous generations, but where my ancestors were all extremely successful and interesting individuals, they maybe didn’t put their own mark on the business of Scone Estates. They were lawyers or they were politicians, and they were often removed from the business and relied heavily, you could say too heavily, upon their advisors and factors, whereas I think I am trying to strike more of a balance. In the modern age we need to be more on top of the commercial aspects of our business than ever before so whilst I am still very reliant upon our CEO and our advisors, I have a good insight into the decisions that are being taken, and I drive the various aspects of the business. u
u William Murray, Viscount Stormont
“ Initially there are the obvious environmental gains in producing renewable energy; the second gain is generating economic activity locally: it is a significant investment from our development partners which will generate work, jobs and investment in the region.
Nick: This leads us on to the topic of succession which is a very important part of any family business and something that appears to have been addressed relatively early and, dare I say it, pretty smoothly at Scone. Can you share what you have learnt about the process?
Viscount Stormont: This is an interesting one because without really meaning it to be, succession in a way became my specialism during my time working as a consultant in New York. I think they thought my own background was very interesting and so they pushed me into the family business division where I was suddenly working with these American families who were three, sometimes four, maybe five generations in and were struggling with succession. At that point, I naïvely thought that succession just happened naturally rather than it being a major barrier for families. But I learnt a lot and for me now, it is the most important topic for family businesses; it is the biggest challenge.
I am very lucky that between my parents and our advisors we have successfully managed it. I am very grateful to my father and mother that I am in a position of great trust now, to manage and evolve the business.
Nick: That is something that is evident as an external adviser. Galbraith as a firm has been involved in the farm and estate management at Scone for a couple of years now and it is obvious that there is so much going on and a lot of that is driven by you. Which aspects would you say have gone very well, and which have been challenging in the past couple of years or so?
Viscount Stormont: Some things I simply inherited as a legacy from my parents so I can’t claim credit for everything! But there are other things where we have injected some fresh impetus and new energy. I have a strong desire to really push things forward, both within the business in terms of generating more revenue, greater yields, efficiencies where we can, but also the other elements such as addressing climate change, boosting community engagement, thinking about our natural capital,
some of which are also commercial but some of which are just doing the right thing. In terms of landed businesses, I think there has been a realisation that community engagement is absolutely essential and it underpins everything that the business does. My parents recognised that and it just happens that I am now the one who’s accelerating what they started.
Nick: In terms of the fresh impetus that you refer to, can you give us some examples of things that you have been working on recently?
Viscount Stormont: Sure, so there are lots of different things. I think we have renewed our push on events. Events are a very important enterprise for us –particularly because they allow us to interact with the local community. We get lots of international tourists coming to Scone Palace and that’s great, but we often are isolated or distant from the local market and local suppliers. Events are a great way for us to interact with local people and get them to come to Scone and enjoy Scone. We have tried to start and develop events in-house, rather than simply host events. The Garden Fair, which happens at the end of May is a good example of that: it is owned and operated by ourselves and obviously the big one is the International Horse Trials which is coming to Scone at the end of August for the first time. Again, entirely owned and operated by us. The other project that is keeping us busy is the Racecourse. It was really down to timing more than anything else, but I suppose that I accelerated the timeline and as soon as the opportunity emerged, I was very keen to seize it.
Nick: And that is bringing the Racecourse back in hand?
Viscount Stormont: Yes, for 100 years we were only the landlords but now it is our own operating business. It’s done extremely well since we took over about two years ago. We inherited the Racecourse team who are fantastic but other areas of our business have had to adapt. It’s been a valuable exercise. Other areas of fresh impetus have
been on the community side. Some of that is simply visibility: my parents are fantastic and I credit my mother especially with building a lot of bridges into the local community, especially into the local authority with our elected officials and I have tried to continue that but I have used modern means like social media as a way just to get my face known locally, which can be uncomfortable but I think it is very important and I think that it has been successful. It makes us more accessible. Quite regularly people stop me and say ‘Oh I’ve seen your post about x, y or z’ and they ask me a question about the history of Scone or about the business and I think a lot of people like the fact that we now have more of an open door policy and people feel that they can come and ask you a question, which is, I think, really important.
Nick: So one of the other things that’s come on in the last six months, publicly at least, is the North Logiealmond Wind Farm. There is still quite a long way for that to go before the turbines start turning but can you share with us a bit about what your aspirations are for that project and what it might involve for the Estate and also for the city of Perth?
Viscount Stormont: You nailed it in terms of not jumping the gun – we have a long way to go on it, but it is a vitally important project for our business and I can explain why, but also it is a vitally important project, I think, for the region and for the city of Perth. I talk about a ‘quadruple bottom line’ which is a bit wordy but there is some logic to it. Initially there are the obvious environmental gains in producing renewable energy; the second gain is generating economic activity locally: it is a significant investment from our development partners which will generate work, jobs and investment in the region. Then there is also the private wire opportunity. By private wire, I mean a direct connection from the wind farm to the city of Perth, giving the opportunity for the energy to be generated and consumed locally. This might have significant benefits for local businesses as well as enable new businesses to move into the area and provide a significant boost to Perth’s economy which I think a lot of people find quite exciting.
Nick: I know we are hypothesising but what types of businesses do you think that might involve? Presumably those with a high demand for electricity?
Viscount Stormont: Yes, and this is what is exciting. It would likely involve high energy consuming businesses, we’re talking about data centres, hydroponics, cold stores and food logistics hubs. There is scope for an energ yrich investment zone which could provide what I describe as ‘future-proofed’ employment for the region. Perth has struggled over the last 30-40 years with a lot
of the traditional employers having closed or moved elsewhere and I think that the city needs a strong base of future employment opportunities because otherwise everyone is going to leave and that motivation is significant for me. I am a Perth boy, Scone is extremely important to me but Scone thrives if Perth thrives, so I see it as a dual mission. And just to continue my narrative on the quadruple bottom line, the third benefit, which is essential and then plays into the last one, is the community. Muirhall are our development partners on the wind farm and their USP is about interaction with communities and involving them in the wind farm journey. There will be a very significant community fund at play which could do all sorts of interesting things immediately within the vicinity of the wind farm should it be successful. So, I think it is very important that the community which is most affected, benefits most. There is also an opportunity given the scale of the fund and given the need in other areas nearby, for us to make a huge difference in the local rural area. There are lots of issues that could be addressed. Energy poverty is a significant issue in our area. Child poverty in Perth is astonishingly high and how incredible would it be if this unlocked funding that could help alleviate that. Obviously, the community would need to drive that, but I think there is recognition that there is a big opportunity in spreading the benefits to impact as many people as possible. Finally, the fourth benefit in the quadruple bottom line is Scone Estates. I refer to our benefits as the ‘heritage gains’, because the Palace and a whole host of other listed structures are in real need of investment. Should the wind farm be successful, the proceeds that come to the estate will all be poured straight back into the local economy.
Nick: So would that extend beyond the heritage infrastructure?
Viscount Stormont: Yes, it is the whole thing, so obviously investment in the heritage infrastructure here benefits our tourism operation but we also need to invest in our residential properties so that we can improve the quality of our affordable housing stock that serves the area. Our farm buildings need investment to help improve our farming operations, but we also want to rejuvenate the various antiquated steadings to potentially provide more accommodation or business space for rural businesses. The Racecourse is another one where we would just pour money straight back in to improve the facilities and race day infrastructure. So in all of this we would be creating opportunities for local businesses in the form of construction projects and requirement for professional services, at the same time as we are improving our heritage and business assets and I hope that
this is something that people recognise: that the wind farm has the ability to create all these benefits to the area that goes way beyond just the production of renewable energy. You are not going to find me on a beach in Barbados but I may be on the banks of the Tay enjoying the fact that all the proceeds have gone straight back into the local economy.
Nick: Would your plans for creating a new Visitor Centre at the Old Stable Block be part of this?
Viscount Stormont: Next year will be our 70th anniversary as a tourism business. So five generations after my great-grandparents did what everyone told them not to do, which was to move back into the big house after the Second World War, they invested a huge amount of time, effort and funds into setting Scone Palace up for the future as a tourism attraction and as a family home. They did it at top spec and we have benefited from that ever since – it was a multi-generational investment. To me, the stable block represents the same opportunity. I gently say that because it is mildly terrifying to try and undertake something that could last five-plus generations but there is no doubt that it would transform our business model, open the local market more and elevate the whole visitor experience.
Nick: Can you tell us a bit more about what would be involved in the project and a bit more about what it would do for the tourism business?
Viscount Stormont: Essentially it would be an extension of what we are doing now, but it would enlarge and improve our retail, our catering, our entrance ticketing. It would enable us to change our current model, to a year-round catering and retail model that is free to access with additional paid-for elements on top. We would hope to benefit from that because at the moment our revenue cycles are very cyclical, very seasonal, which puts a lot of strain on the business during the quiet months. But the whole project comes with a huge cost attached so it is a major decision. If you run the ROI (return on investment ) on it, it basically doesn’t exist, so it’s a heck of a decision. We are in a place now with the opening of the Cross Tay Link Road, and the improved access that that brings, as well as potentially with the wind farm, that it is an opportunity that we can look at. It is really just a question of timing.
Nick: But one of the benefits of being a 16 generation family business is that you have the ability to take that long-term view. A generational investment such as this may not give you that immediate return but just like your grandparents would have done in 1956, it’s not just the return on the capital that you get to consider but also the ability to put in new foundations for your family business that will last for another five generations. u
“
Basically, everything we do at Scone is driven by the heritage. We are a unique business but fundamentally, our purpose is to preserve Scone and to promote Scone’s history and heritage.
thinking, I have never considered whether we would still be here if my great-grandparents didn’t do what they did, so maybe that will give me the boldness to make that decision because if I don’t, will our family still be here in five generations’ time?
Nick: And then if you evaluate the ROI against that consideration, then it’s not such an important barrier, is it?
Viscount Stormont: It does change the decision-making framework, yes! There are lots of things to consider together and I am fortunate to have a fantastic suite of advisors and management in place currently and I feel very well supported so I have no doubt we’ll make the right decision!
Nick: It is such a huge opportunity, and a good example of how the future rejuvenation of these heritage assets is so interlinked with the wind farm outcome and the rest of the Estate. Going back to the wind farm, the public consultation has started and you’ve already talked a lot about the interaction with the community, but there are a lot of people who will be affected by the project, both positively and others who will have a perception of being negatively impacted. What would you say to this?
Viscount Stormont: I think it is important to be as transparent as possible on that. I was in the room for the public consultation, and I was quite surprised to hear that it is unusual for the landowner to turn up for these sorts of things. But I thought it was important to put myself in the firing line because it is obviously a contentious issue and as a result, I took a few on the chin, but I think it is better to do that than not be able to front up. I am very firm in my belief that the opportunity for Perth is significant, particularly in combination with other things that are now coming forward as well from some of our near neighbours and some of the other significant businesses in the region. There is an opportunity for Perth to have a 21st century economic revival, a new business revolution that sustains Perth for generations. I really believe that. The city needs it and I hope to play a large part in that.
Nick: Not every large estate has a strong relationship with the community. I am sure there are areas that you can work on but it seems that Scone have a mutually respectful affiliation with local people and you’ve alluded to your mother’s efforts in recent years and now you’re trying to build on that as well. It would be interesting to know what steps you take to proactively develop your relationship with local communities?
Viscount Stormont: I would start by saying that I think our relationship with the community could be a lot better, I would start with that and that’s motivating me to do more. I think for a variety of reasons we used to be deeply imbedded in the community, and you could say that this would inevitably change with the times. We used to have a huge employment base - our forestry division just on its own employed 60 people, and now it’s basically zero as we outsource all of the work. So historically, that wouldn’t have just been 60 individuals but 60 families. But over time, we’ve lost that big community. When my grandfather was alive, he was extremely busy in his own career. He was a politician and one of the first elected MEPs and so spent a lot of time in Brussels. There’s no doubt he was doing great work, but the nature of it meant that there was a constant distance from the estate which slowly over time affected the dynamic with a lot of our local partners, the local authority, and things like that. And this is where I really credit my mother with building all of those bridges back up and I am obviously trying to continue that. I think we also need to be more vocal about our history and what we have done in the area as a family over the years. We did a heck of a lot historically, but we haven’t communicated our legacy very well so that over the years, it gets lost. I like to quietly remind people that,
for instance, mainly because I am a passionate St Johnstone fan, that we gifted the land in North Muirton in Perth to the people of Perth for recreational purposes from which they built a football stadium, which was great, and that’s history now but absolutely nobody makes the connection between Scone Estates and St Johnstone Football Club!
So, what are we doing today? We are trying to use as many local businesses and local suppliers as possible, that’s a really effective way to show our support. We are also trying to support as many local charities as possible, whether it’s with interesting events using Perth Racecourse or we can host things for free or at cost at the Palace for instance. We are also working on some ambitious plans to do things on a more significant scale for the community in the future. We are looking forward to being able to talk about that publicly, so that’s one to watch.
Nick: One to watch indeed and I’m sure it will be well received. We’ve talked about succession, the opportunities that may come from the wind farm and your approach to working with the community. From just this small snapshot, it’s clear that everything at Scone is interlinked one way or another. What are you finding to be significant as you navigate the journey from traditional landed estate to a genuine, multienterprise rural business in modern Scotland? Viscount Stormont: To start with, there are some things that you can’t change: the grass still grows and the trees still grow, and as simple as it sounds, that’s always going to be part of our business. Farming is the core component of what we do. It can be easy to forget that, as it’s less of an operational headache than some other areas which take up a lot of management time, but agriculture is very important. And then there are things like the residential portfolio, which similarly underpins our business. Its purpose is to provide income to help preserve the heritage assets like Scone Palace. The residential portfolio was originally part of the Abbey, and along with providing accommodation for workers, that has always been its role so it is a legacy which my family have brought through to the 21st century. Our aim is to continue to be a key provider of affordable housing in the area and our challenge is to keep the portfolio compliant and modernised. Beyond that, diversification is key – although that comes with the caveat that we have learnt that you can over diversify! It is a case of finding things that work and then really trying to perfect those and make sure they are profitable. We are much more complicated than your average business because of the different trading entities and activities that we have, so that is problematic because it means our management costs are high, our margins
are not fantastic, so that’s increasingly a focus. But diversification is critical. I think all rural businesses understand that it is very important not to simply rely on the typical agricultural revenue streams.
Nick: As you make this journey, does the scale of Scone help you or hinder you?
Viscount Stormont: That’s a very interesting question. It’s obviously helpful in terms of there being a significant balance sheet which provides us with a level of security. But at the same time every item on that balance sheet comes with a liability attached. Related to this, are our yields. We have a lot of capital tied up in assets that do not produce exciting returns. So, in terms of our ability to generate revenue from a significant balance sheet, we struggle. It comes with the territory of owning land. Having said this, our scale enables us to diversify more easily and accommodate different income streams into our business. I think the one thing that’s changing for us is an evolution of what we perceive as core assets – or assets that are beyond reproach in terms of ownership and financial performance. The assets that I consider to be ‘core’ would be a lot smaller than previous generations. We critically appraise a lot more of our business assets than we used to and ask ourselves difficult questions such as: can we improve the yield? Or can we reduce a liability? Or do we actually need to hold it anymore? Really difficult decisions as some of those things have been held by our family for hundreds of years.
Nick: One of the points of difference that Scone has, compared to most other rural businesses, is the heritage and history that exists here. I know that Scone’s history goes back for 1,000 years or more but I think I’m right in saying your family has been here for 400 years, which is amazing in itself but also an incredible USP for your business. Clearly it’s a big part of your tourism enterprise, but how else does Scone’s heritage flow into the modern day? And when you are setting goals and looking to the future what role does the heritage play?
Viscount Stormont: Basically, everything we do at Scone is driven by the heritage. We are a unique business but fundamentally, our purpose is to preserve Scone and to promote Scone’s history and heritage. Sometimes that means that we make decisions which no other business would ever make in terms of ‘is there a return at all on that investment?’ But it just is what it is, that is our purpose you could say. One thing that you mentioned that I think is helpful to remember in the narrative of Scone, is the fact that so much of Scone’s long, rich, significant history predates the arrival of my family. So it’s not all about our family, it’s about Scone, and I often use that as a good
way to stay grounded. If the story of humanity is comparable to a postage stamp on Nelson’s Column, in terms of humanity’s part in the world’s history, I think of our family’s stewardship at Scone in a similar way. We are just part of Scone’s greater history. Nick: Now, you have recently started your own family and so that probably leads us nicely to my last question which is: if you are looking into your crystal ball what do you hope that, as a business or institution, Scone Estates will look like in 30 years’ time when your sons or daughters are in a similar position to where you are now?
Viscount Stormont: By the time this is published I will be a father for the second time as we are due our second child at the end of May. It’s going to be chaos! What does that mean as a family business and where we are heading? I would like to hand over something to my children which is not burdensome. I would say what was handed to my grandfather and my father could be seen as burdensome, with a lot of pressure, a lot of liabilities and at a time when the world was a very changeable place. My grandfather took over after the Second World War, with death duties hanging over him and the business struggled to survive. I would like to pass something on to the next generation which is resilient and allows them the opportunity to take it forward in their own way and not be hamstrung by the past. My hope is that more members of the family will have boots on the ground and be employed in the business. My wife is highly intelligent, with a great business mind so she will have significant input in the coming years. As an American she also has that international perspective so she will definitely be heavily involved beside me and together we will march our way forward, march to the future and see where it takes us.
Nick Ainscough Senior Associate
WHY BUY A FOREST?
Story: Athole McKillop
Athole McKillop, Partner and Head of Forestry for Galbraith, discusses some of the many reasons underpinning the continued interest in buying woodland.
As a forest manager, I can think of little better than spending my day in a forest, surrounded by the sights and sounds of nature and the beauty of the trees. It seems that I am not alone, as a huge number of clients talk to me about the simple pleasure of walking in the woods as among their main motivations for buying a forest or planting a woodland.
The allure of owning a woodland extends beyond personal enjoyment – offering environmental benefits, financial reward, and a lasting legacy for future generations.
The social and environmental case for woodland ownership
Aside from the many social and wellbeing benefits associated with owning a woodland, environmental considerations are another major driver often cited by clients for investment in forestry.
Forestry is one of the most straightforward and satisfying ways to achieve ESG (Environmental, Social and Governance) goals, whether as an individual or to meet corporate ESG targets. Woodlands are managed to recognised codes – principally the UK Forestry Standard and in many cases to the UK Woodland Assurance Standard.
The multitude of environmental benefits of forestry include carbon sequestration, enhancement of biodiversity and the contribution of woodlands to decarbonising our economy, directly or indirectly, for the benefit of society as a whole
All growing woodlands sequester carbon, but managed woodlands do this more than unmanaged ones since the amount of carbon sequestered by any tree tails off as the tree matures. Active management of
woodland results in a mix of trees of different ages, thus ensuring that the potential for carbon sequestration is maximised.
Some people are surprised by the fact that productive conifer woodlands are often the best option for carbon sequestration, due to their rapid growth and the potential to lock carbon up for generations in manufactured timber products.
Well-managed woodlands protect and enhance biodiversity by providing habitats for a wide range of animals and plants, including some of the UK’s rarest species, from lichen and fungi to insects and invertebrates, birds, reptiles, amphibians and mammals large and small.
According to the Woodland Trust, oak trees alone support 2,300 species – 326 of which are entirely dependent on oak for their survival.
Forester managers can and do work with clients to structure and manage woodland for the benefit of biodiversity enhancement in general, or to provide habitats for a particular much-loved species.
u “All growing woodlands sequester carbon, but managed woodlands do this more than unmanaged ones since the amount of carbon sequestered by any tree tails off as the tree matures.”
Small areas of tree planting in such areas also provide shelter for livestock in periods of high wind and also offer a cooler, shady spot during hot summers.
Increasingly in the news in recent years, flooding can cause devastation to homes and businesses and prevent agricultural land being used productively. Woodlands act like a sponge to absorb excess rainfall and can help slow the flow of water downhill during extreme rainfall events, both of which can greatly assist flood mitigation in flood-prone areas.
Many of our clients have mixed landholdings with areas of land used for agriculture, smallholdings or garden grounds. Tree planting is often an ideal solution in areas that are either prone to periodic flooding, or perennially wet, with limited agricultural value. Small areas of tree planting in such areas also provide shelter for livestock in periods of high wind and also offer a cooler, shady spot during hot summers.
The environmental benefits of timber
Timber is a very low carbon building material and wherever it is used in place of high-carbon materials such as steel and concrete in building projects, the carbon footprint of the building will be significantly reduced.
Timber in construction keeps stored carbon locked up for many decades, even centuries. The construction sector is favouring timber more and more as it seeks to decarbonise construction and contribute to the UK’s net zero transition. u
FINANCIAL INCENTIVES & INVESTMENT POTENTIAL
Timber is widely used for a variety of other goods including pallets, packaging, cardboard, paper products and furniture. Using home-grown timber for any purpose minimises the carbon footprint of the finished product compared with using imported timber.
In the UK we have a world class processing sector which has developed significantly in recent decades, and is well able to process home grown timber to meet modern construction demands. Engineered timber products like the James Jones I beam have enhanced design and build options for the use of timber to maximise the potential benefits of using our home grown, low carbon construction material.
Financial incentives and investment potential
Woodland ownership is not just an environmentally responsible decision, it also presents a compelling financial opportunity.
The UK offers favourable tax treatment for forestry investments. Timber sales are exempt from income tax, and the increase in the value of growing trees is excluded from Capital Gains Tax, although CGT is applied to the value of the land itself. Whilst there has been much debate concerning the recent changes to Business Property Reliefs, forestry assets can still benefit from a £1,000,000 exemption, with value above that threshold subject to relief of 50 per cent.
Both the Westminster and Holyrood governments continue to be very supportive of woodland creation and management through substantial grant schemes.
In England, the England Woodland Creation Offer (EWCO) provides grants to support new woodland projects, while in Scotland, the Forestry Grant Scheme (FGS) plays a similar role, helping to support the financially viable and rewarding endeavour of woodland creation.
The ‘England Trees Action Plan’ launched in 2021, unveiled the government's long-term vision for woodlands and set ambitious treeplanting targets of reaching 30,000 hectares per year. This target is unlikely to be achieved due to the lack of available land. However, it demonstrates the commitment to woodland creation.
In Scotland, Scotland’s Forest Strategy was launched in 2019 to set a blueprint for the management and expansion of Scotland’s forest cover over the subsequent 50 years, with increasingly ambitious planting targets.
The current target of 18,000 hectares per year in Scotland is, in our view, a little optimistic, with 10-12,000 hectares having been regularly achieved over the last five years. Again though, it demonstrates the support of the Scottish Government for woodland creation and management.
Timber harvesting
Ultimately, the financial advantage of woodland ownership lies in timber production. The UK imports approximately 80 per cent of its timber products (2023), highlighting a significant gap between domestic supply and demand.
Global demand for timber has grown by over one per cent year on year and this growth is likely to increase in the coming decades due to population growth and because the construction sector is increasingly switching to timber as a low-carbon building material. Some market commentators expect year on year growth in timber demand of three per cent or more over the next 30 years.
As a general rule of thumb it would take around 20 years to start to achieve return on investment in productive woodland planted now for timber, but the capital growth of the forest starts quite quickly – many investors may decide to sell on in 10 years’ time. Forestry management is an important part of the jigsaw to ensure future timber harvesting is maximised. Many of the even-aged forests planted in the 1970s are now well into the process of restructuring with a diversity of age ranges to meet timber production goals in the short to long term. Often with well established roading infrastructure these can meet a range of financial objectives with short term positive cash flow and potential for capital growth.
Capital value
The capital value of forestry is strongly correlated to timber values. Growth in demand for timber is likely to lead to real increases in timber values, which will be reflected in the capital value of any forestry owned. Capital value is also underwritten by the biological growth of the timber crop. No financial investment can be said to be 100 per cent predictable, but with years of scientific research, the biological growth of a forest can be accurately forecasted to help support investment decisions.
Lasting legacy
For many individuals, a key motivation of forestry investment is about leaving a legacy for their family and for society as a whole. Planting trees today creates an asset to pass on and most importantly will bring joy to future generations. As the saying goes ‘a society grows great when old men plant trees in whose shade they shall never sit.’ Few other investments offer quite such a meaningful contribution to the future while allowing owners to enjoy the journey along the way.
Whether motivated by the love of nature, environmental responsibility, financial incentives, or the desire to leave a lasting legacy, investing in woodland remains a deeply rewarding and increasingly popular choice.
With government support, a thriving timber industry, and the undeniable joy of stewardship, forestry investment offers a unique opportunity – one that blends personal fulfilment with economic and environmental responsibility.
Athole McKillop Partner
Investing in Edinburgh COMMERCIAL
u Drone view Atholl Crescent, Edinburgh.
“We see no decline in the appetite for investment in Edinburgh, it is a strong property market with capital city influences which points towards continued growth, the city has proven this even during challenging or uncertain economic periods.”
A familiar phrase in the world of property and one which will forever be important. On a global or national scale, capital cities provide an interesting and often advantageous property investment landscape. Will Sandwell, Commercial Partner, explores the landscape and X-factor of commercial property markets in Edinburgh, Scotland’s capital city.
Story & Photography: Will Sandwell
Edinburgh is a city with a population of approximately 540,000, rich in cultural heritage, historical financial services and renowned education. Much of this heritage is reflected in the architecture and sense of place within Edinburgh, indeed, the city has two defined UNESCO world heritage sites, the Old Town and the New Town.
On a broad scale, the city is bound to the North and East by the Firth of Forth estuary and ultimately the North Sea. To the West, the boundary is marked by the Pentland Hills, preceded and defined by the City Bypass. Edinburgh city centre is shaped by its geography and its historical building environments, Edinburgh Castle, the Royal Mile, Arthur’s Seat, Holyrood Palace, Princes Street, Dean Village and the Water of Leith. Within this context it is a relatively small city - seventh in the UK by population - but characterised by densely populated, mixed-use environments.
The cityscape and geography provide a mix of buildings and uses; in Edinburgh it’s common to see a variety of users occupying similar buildings. Conversely, modern development and architecture, incorporating modern building materials, are woven into the fabric of the city. Both the existing and new are welcome and indeed required to meet the demands of a diverse capital city.
Caution is required for those seeking to develop. One notable restriction to development in Edinburgh is building height, and indeed specialist skyline guidance is available from the local authority. This height restriction reduces the accommodation volume available per notional acre of land. Overall, whatever property sector or use is reviewed, there is little sign of over-supply in Edinburgh.
The Georgian and neoclassical architecture prevalent across Edinburgh provides a few distinct characteristics that we recognise as Chartered Surveyors and Commercial Property Agents. Firstly, residential use is entwined into the city, in all locations. Secondly, the retail accommodation, despite having one of the most famous streets in the world (Princes Street) is actually historically inefficient, especially for medium and larger format retail offerings. Thirdly, offices are present across the city in all shapes and sizes and have generally been a well-suited use for traditional buildings.
From a retail perspective the landscape has dramatically changed, with the completion of the St James Quarteran ultra –modern, experience led, intown shopping centre which dominates the East End of the city, not a bad way to spend a billion pounds! This has been a success and attracted a great tenant line-up, some of which have relocated from more traditional locations. However, in typical fashion, the market responds. George Street has maintained its boutique-sized retail offering in a glorious setting, indeed at the time of writing there are only two units available to let on the street. Equally, during the retail market hiatus which started during Covid-19, George Street proved itself as having excellent liquidity, and strong pricing was achieved. Active investors included savvy family offices, who saw a generational opportunity, and pounced. A clever perspective and strategy in our opinion. At the same time that Princes Street is evolving, it is by no means perfect in certain areas, and in our opinion it would benefit from some common investment (raising the bar, if you will). From a property market perspective it is very interesting to see, where retail voids have appeared, with limited occupier u
u Drone view
St Andrew Square, Edinburgh.
“Galbraith manage, asset manage and provide agency services for a variety of client portfolios within the city centre, and our team are experts in this market.”
demand for upper floor space. Large-scale hotel and leisure operators are stepping in with major development projects (some in excess of £130m). Equally, for stronger retail brands where annual property costs can easily be in excess of £1m per year, there lies an opportunity to acquire former department stores and remodel space. For example, global brand Uniqlo, which acquired 20,000 sq ft and opened in 2024. Perhaps they are a retailer that could do well in a shopping centre but are strong enough to be a draw in their own right and provide a greater footfall to the wider benefit of the street.
Princes Street also has world-class icons at either end, which gives us real confidence in the location. At the West End is the Johnnie Walker Experience, a fascinating redevelopment of a House of Fraser department store, rumoured to have cost in excess of £90 million to deliver. This acts as an anchor, or a starting point for visitors, complemented by the adjacent Caledonian Hotel and Charlotte Square. Conversely at the East End, is the Balmoral Hotel, St James Quarter and St Andrew Square which are complemented by the heritagefocused redevelopment of the former Jenners department store building, an iconic landmark which will form a mixed-
use destination hotel, leisure and retail experience. Significant projects such as these across the city centre act as a stimulant to neighbouring investment but also ensure a spread of activity across the city.
Office premises are found across Edinburgh city centre, and the size and configuration is mixed. Average office take-up in Edinburgh is recorded at about 650,000 sq ft p.a. and there are some fantastic dynamics. Firstly, Edinburgh has a strong professional services heritage, originally from banking and then pension services. While this remains on a reduced scale, investment management, legal professions and technology are now prominent occupiers in the city. There are always some major large-scale office moves and lettings, but we would note limited new office development compared to other top 10 UK cities. There are however statistics peculiar to the Edinburgh market - our research shows that of all the offices lettings (referred to as take-up), when assessed by number of transactions, 80% are below 5,000 sq ft. The main current focus is the refurbishment and modernisation of existing office stock. Market commentary and headlines will always follow the biggest deals and
“ The whole geography and dynamics of a capital city warrant more debate and exploration than this article, but the message is wholly positive.
headline / highest rents, which have moved from £38 psf to £48 psf in an 18 month period. However, at Galbraith we have monitored the market which meets inherent demand from the city, the core or grade B market. Edinburgh has an excellent residential and hotel market and as such, a lot of office stock has been removed from the market for redevelopment. This puts pressure on the remaining supply and creates an opportunity for those active in the market, and much of this remaining stock is within traditional buildings.
Galbraith manages, asset manages, and provides agency services for a variety of client portfolios within the city centre, and our team are experts in this market. We know that certain occupiers will compromise on office configuration and specification and opt for traditional buildings in return for a preferred location. Where rents have historically been £18 to £22 psf, quality space in period buildings has moved between £25 and £30 psf. At the same time good quality management has become imperative. Tenants expect good common services and building fabric to be maintained. This requires concise planned preventative maintenance in the case of period buildings, and where works might require local authority consents. At the same time, legislative policy changes need to be observed, and it isn’t always easy to react to policy change in historic buildings. One policy change which changed the market for landlords was the removal of vacant property rates relief in listed buildings. While a good revenue generator for the local authority, it removed a defensive investment attribute for listed buildings. This makes it all the more important to reduce voids within a portfolio, through the concise and timely recycling of accommodation and pro-active marketing efforts.
Reflecting on this landscape and market, it presents an exciting opportunity and a level of value comfort which attracts many investors. The whole geography and dynamics of a capital city warrant more debate and exploration than this article, but the message is wholly positive.
We haven’t touched on factors and market influences such as tourism, education, and government, which are major contributors to Edinburgh’s success as a capital city and how it is viewed globally. As property experts we see local markets which need navigating and building assets which need custodian style management. Pulling all this together we see inherent property value which has to be awarded to the capital city status of Edinburgh.
Investors also recognise this, and indeed there are a variety of investors who only target Edinburgh and particularly period buildings. One rationale is that, similar to a monopoly, the city is constrained and the built environment secure. That is to say, period buildings are not developed any more and their life expectancy far outperforms any modern equivalent.
In concluding this article, we should look forward. We see no decline in the appetite for investment in Edinburgh - it is a strong property market with capital city influences which points towards continued growth. The
city has proven this even during challenging or uncertain economic periods. We maintain that Edinburgh provides value and growth opportunities beyond cashflow style property investment valuations and appraisals; and stable, long-term value which is inherent within buildings across Edinburgh.
We look forward to changes such as the potential pedestrianisation of George Street, while convenient short term city centre parking will be lost, it could create a better sense of commercial, retail and leisure place, perfectly supported by St Andrew and Charlotte Square at each end.
We genuinely feel Princes Street is bouncing back - the threat or cloud of the St James Quarter has passed, they can now operate alongside each other in a retail capacity.
Looking further afield, across the city centre, the Edinburgh tram extension is heading east to Leith and Granton, which historically have much lower value property sub-markets. If the above mentioned city centre markets are so constrained, will opportunities and value growth evolve in these locations?
The team at Galbraith will continue to navigate the Edinburgh market on behalf of our clients as preferred advisors for property management, agency, investment and building consultancy, and with the benefit of being a capital city, we will be opportunistic, sensitive and proud.
Will Sandwell Partner
0131 240 6960
edinburgh@galbraithgroup.com
THE SCOTTISH ESTATE MARKET
Over a relatively short period of time, between 2020 and 2025, we have seen the market for those looking to acquire the iconic Scottish Estate expand beyond what was traditionally restricted to sporting and agricultural interests.
Back when we both started our careers as rural surveyors, well over 20 years ago, the typical Scottish estate (if there can be such a thing) would be of principal interest to those looking to stalk, shoot, fish or farm, or indeed a combination of all of these The desire to own and enjoy a piece of rural Scotland was highly sought after and this is still very much the case today.
In these more recent years the range of buyers interested in Scottish Estates has expanded to include those with a far more diverse range of interests. The traditional sporting market still thrives however, the range of interested buyers also now includes those to whom the peace and solitude of owning a part of ‘wild’ Scotland is the principal driver and where having access to remote and undisturbed spaces is the primary objective. Similarly, there are many who relish
Story: Emma Chalmers & Rod Christie
the opportunities the diverse estate can offer to establish or further develop a rural business such as holiday lets, a hospitality venue or as a site for the creation of bespoke products such as a microbrewery or gin distillery. And almost like a bolt from the blue, in 2020 when the world was gripped by the pandemic, a new wave of buyer emerged – the natural capital focussed purchaser.
Here at Galbraith, we were in the prime position to witness this first hand from our position as eminent agents handling both estate sales and purchases across Scotland and into Northern England. The most recent cohort of estate buyers included a mix of private buyers, institutions and investment vehicles, whose primary interest lay in woodland creation and peatland restoration in pursuit of the new gold, known specifically as ‘carbon’. Influenced and guided by government policy and in some areas by generous grant funding, these buyers quickly became the main player in the market, outbidding traditional buyers with interests expanding beyond the traditional estate market into the upland hill farm arena too. Interest and importantly successful purchasers came from across the globe. However principally, the majority have been UK based.
Chalmers Partner
Rod Christie Partner
Well into 2025, we see a high demand for Scottish Estates still remains and there continues to be keen interest internationally. Whilst the natural capital ‘gold rush’ may have calmed somewhat, there are still many buyers out there with a strong interest in the estate market. This continues despite a slight softening in government policy and the aspiration towards reaching ‘net zero’. The difference today, compared to say two or three years ago, is that there is a more considered and measured approach to any estate purchase. Rather than rushing in headfirst and asking questions later, a buyer (almost always being advised by a team of professional advisors) will undertake extensive research and analysis in advance of offering whether their interests are in the traditional sporting, amenity or natural capital spheres. It should be noted that whilst for a short period the ‘natural capital’ buyer was king (or queen), the traditional estate buyers never went away, they were just very often outbid. We have seen through several recent estate sales that this crucial and longstanding traditional interest is as strong as ever.
RENEWABLE ENERGY, AI & DATA CENTRES
Story: Richard Higgins
Increased use of AI and machine learning are driving demand for data centres in Scotland as technology giants seek access to the electricity grid to power their energy-hungry sites, writes Richard Higgins.
Richard Higgins Partner
Developers are looking to secure locations for global technology companies serving AI and machine learning – the centres are increasingly a critical part of the digital-economy infrastructure.
AI is changing how technology is used in work, leisure and almost every aspect of life, as organisations and individuals access systems that enable computers to think like humans. Machine learning, a type of AI, uses algorithms to gather and store information from data, helping processors identify patterns and make decisions.
Property entrepreneurs and operators are searching for locations to build campus-style projects on between 30 and 120 acres to accommodate up to 1.2 million sq ft of data centre space. These sites can require upwards of 100 megawatts per 30 acres of land, or more depending upon intensity of use.
Hyperscalers
Large amounts of energy are needed to train and run AI models as well as to cool the data centres that house these models. The largest power requirement we have seen is just over 500 MW.
The ‘hyperscalers’ driving AI development such as Google, Amazon, Microsoft and Meta – require guaranteed electricity, via a so-called ‘firm connection’. For continuity, sites must be connected to the grid and the availability of renewable energy sources such as wind can be a benefit to the operators.
Each data centre could directly employ between 200 and 500 people and there are long-term requirements for education and skills development.
In a process of grid reform aimed at modernising Britain’s electricity supply, the window for granting applications for new connections is closing, adding pressure to demand for sites.
The Scottish Government is keen to get behind green datacentres and AI infrastructure, though could do more to catch up, while Scottish Enterprise sees an opportunity to repurpose a number of sites.
There is competition among developers to gain representation by way of option agreements to enable them to negotiate separate occupational arrangements with hyperscalers and other users.
Central Belt targets
Land values for data centre development are important though not critical drivers. The offers we have seen range from reasonable to very low, albeit based on multiples of standard agricultural values. Offers are likely to be attractive to some farmers who are approached, but this must be balanced with the potential success of planning applications and the availability of quality employment.
Developers look for relatively flat land, capable of achieving planning permission without delay
due to environmental or similar considerations, ideally located in the Central Belt of Scotland or in reach of major population centres, to ensure that they can attract the right level of employment.
Each data centre could directly employ between 200 and 500 people and there are long-term requirements for education and skills development. Employment grades are generally high quality, with salaries approximately 1.2 times the national average.
The total development cost of a data centre is significantly higher than for, say, a traditional industrial or business use.
The potential for using excess heat generated as a ‘community benefit ’ or alternative uses to nearby population centres could aid planning applications.
Future-minded developers will be examining technology trends closely. Currently we understand that under 20% of data is held ‘in the cloud’, that is, in data centres, leaving significant opportunities for large-scale developments, assuming coming generations adopt AI and machine learning technologies.
u “The potential for using excess heat generated as a ‘community benefit’ or alternative uses to nearby population centres could aid planning applications.”
REIMAGINING NATURAL CAPITAL MARKETS
The natural capital market, which holds such significant promise for tackling climate change and biodiversity loss, stands at a crucial point.
Story: Dr Eleanor Harris
It requires some significant shifts in our approach and mindset to ensure the market's integrity, effectiveness, and ultimately, its positive impact. Several key areas, in my view, demand innovative and critical thinking, and a move away from what have become natural capital conventions.
T he rural economy – including agriculture, fishing, forestry, tourism, conservation and a few more – represents less than one per cent of the UK economy yet controls almost 100 per cent of the biodiversity. The rural economy is in charge of our only cost-effective and technologically mature large-scale carbon capture mechanism: growing trees. And to achieve a circular economy, in which the only new materials we use are those we can regeneratively and infinitely produce from nature, then the rural economy’s key products – food, wood, natural fibres – are vitally important to all of us.
Natural capital is sometimes understood narrowly as mechanisms such as carbon offsetting. Should we not understand it broadly, and imaginatively, to cover all the work we do with nature to support our life? The steps the wider economy has already taken to engage in natural capital, for example the creation of nature-based investment funds, is seen as a great stride forward in the development of a natural capital economy. In some senses it has been: the unlocking of funding and the levels of knowledge exchange and capacity building have been significant. But we need to go much further.
Natural capital is in some danger of a collective Dunning-Kruger effect. This is the effect where people with a smattering of knowledge in a particular topic overrate their expertise. Natural capital development brought finance and nature experts together to
“I suspect a perilous ‘Dunning-Kruger gap’ may have some correlation to the ‘bubbles’ often seen in early-stage developments of important economic sectors through history, from tulips to railways to dot-coms.
embark on large-scale knowledge exchange for the first time. This creates a hugely creative conversation; but also a situation where participants instantly become the nature expert within their finance circle, or finance expert within their nature circle, when in fact they may have only begun to learn about these topics – a dangerous situation.
I suspect a perilous ‘Dunning-Kruger gap’ may have some correlation to the ‘bubbles’ often seen in early-stage developments of important economic sectors through history, from tulips to railways to dot-coms. I propose a twin strategy for participants in the sector to cross the gap safely. The first is to press on fast: widening, deepening, and progressing the conversation, building the capacity on which the sector will rely as quickly as possible. The second is to prioritise critical thinking, maintaining a mindset of
humility about one’s own level of expertise and objectivity; and scepticism about everyone else’s. How, in practice, do we achieve this over the coming year?
The first step is building links within supply chains. Tools are becoming available to measure what the circular economy calls ‘regenerative production’ – producing biogenic materials in ways that capture carbon and enhance biodiversity. Incentivising companies which rely on the land, such as food or construction, or the retailers, hauliers, IT businesses and numerous others which service them, to invest in measuring and enhancing regenerative production at the root of their supply chain, could be transformative for the rural economy, delivering nature and carbon benefits within production and greatly reducing the need for offsets. u
u Galbraith Natural Capital team out in the field.
Timmediate step it can take to reduce its carbon emissions is to switch to a renewable electricity supplier. It doesn’t matter that the company’s work may not invo it doesn’t matter that the electricity coming down their wire doesn’t change.
much renewable electricity is generated as the amount it uses. It’s simple, comprehensible, and impactful: renewable energy has been the great success story of decarbonisation.
In regenerative production, by contrast, we have made things difficult for oursel applied product by product, and step by step in the supply chain. High value sectors such as IT or chain too far removed from the land to directly invest in regenerative production through business decisions.
A conventional step towards encouraging regenerative production might be, for example, to choose more regenerative milk for the office co supply this demand, and dairies ask farmers. small premium for the regenerative milk, but everyone down the supply chain takes a cut to fund the work of passing the bene along – perhaps creating ‘green jobs’, but not ones which actually deliver any environmental bene more complex – the sandwiches for an o twenty ingredients sourced from all over the world – the problem becomes too complex and everyone gives up. made a tiny production, in a highly ine
Why not approach regenerative production like electricity? Every company relies on a workforce, who rely on food and other biogenic materials from a calculable land area. Why not enable companies to fund the transition to regenerative practices of an area of productive land equivalent to that required to sustain their workforce, a the region of 0.6 hectares per person?
TACKLING CLIMATE CHANGE & BIODIVERSITY LOSS
Since we began exploring natural capital, the team at Galbraith have been passionate about the need to put regenerative production at the heart of our strategy. We have been working with clients to develop proposals for projects which could deliver that regenerative transition and are seeking funders to enable them to happen.
Progressive companies can take a lead through seed investment and innovative thinking. However, to scale the natural capital economy will require government action and suitable policy frameworks. Recent announcements, such as the Natural Environment (Scotland) Bill and the Scottish Government Biodiversity Investment Plan, have a disproportionate focus on the ‘supply side’ of natural capital (land managers) while paying insufficient attention to the ‘demand side’ (the wider economy). The 99% that relies on nature is a far bigger lever to pull than the 1% who work in it. For example, governments could require or incentivise UK companies to undertake Taskforce on Nature-related Financial Disclosures (TNFD) reporting, perhaps linking it directly to the ambitious 30x30 biodiversity target.
Finding pathways for the wider economy to invest in the skills, technology, and governance structures the rural economy needs to deliver natural capital, without overwhelming it and losing the land management and ecological skills it already possesses, is another challenge. Scottish Government have demonstrated some effective mechanisms to incubate and accelerate development for example the CivTech challenge and Facility for Investment Ready Nature in Scotland schemes. Another interesting mechanism Galbraith has explored in its projects is Community Wealth Building accounting, which demonstrates transparently how far investment in natural capital benefits a rural community.
Regarding critical thinking, there is a danger that because ‘nature restoration is a good thing’, companies working in the field are regarded as having an altruism that we would not expect of other businesses in the market. Investment funds based on natural capital have proliferated, because who wouldn’t want to invest their pension in nature restoration? But this model has intrinsic challenges: the more money is spent in impact on the ground, the less is available for your pension. Are the
investors and project developers really collaborating to deliver nature restoration, or competing to gain the largest share of limited financial return?
All business involves this kind of financial negotiation of competing interests. Yet whereas in other sectors, this negotiation is a well-known game market actors play with one another, with skill and luck rather than heroes or villains, natural capital has built a narrative of shared endeavour for a common good. When combined with stakeholders who are inexperienced in a business setting, this can create a dangerous situation in which companies are naively perceived as ‘good’, or, if they do something perceived as selfinterested, ostracised as ‘bad’.
Dr Eleanor Harris Natural Capital and Carbon Leader
The key business of ‘Monitoring, Reporting and Verification’ (MRV), which is at the heart of natural capital work, requires a similar critique. Ensuring transparency and demonstrating impact are fundamental to the sector. However, if this is trusted entirely to companies whose business model is being paid to provide MRV,
“
Galbraith have been passionate about the need to put regenerative production at the heart of our strategy.
there is a danger of ‘MRV bloatware’, burdensome monitoring that diverts resources from action on the ground, reduces transparency by being too complex to understand, and – like the sandwich example above – puts businesses off doing anything. While specialist MRV companies are essential, the task of designing effective MRV systems should be negotiated by everyone involved in a project.
The natural capital market has considerable potential to transform the rural economy into one of the world’s most important and progressive sectors. Yet to achieve this, participants need to embrace innovative solutions that go beyond conventional solutions, prioritise transparency and accountability, develop MRV that is fit for purpose, actively cultivate demand throughout the wider economy, and foster much greater collaboration across diverse sectors. It is only through such a concerted and forward-thinking effort that natural capital markets can effectively contribute to a more sustainable and resilient future.
BIG SKIES & BOUNDLESS OPPORTUNITY
As the days get longer, brighter and warmer and nature emerges from its slumber, so too the property market comes to life every spring.
Story: David Corrie
This year many of my colleagues and I have been reflecting on how fortunate we are to work in this industry, particularly in the rural property sector in Scotland and Northern England. Buying a home is a momentous event in anyone’s life. Moving house can generate a range of emotions –excitement, anticipation, and sometimes a little apprehension. A property is far more than just a financial asset, we all have a deep connection to the place where we live. One’s home is a source of security in an uncertain world; it is a constant, a comfort, and the place where families congregate and memories are made.
As estate agents, we are privileged to accompany buyers and sellers on that journey. Whether clients are upsizing, downsizing, embarking on a major lifestyle change, or relocating for work, there are tremendous opportunities to find the perfect home
Rural property, in particular, presents not only a living space but often a lifestyle or business opportunity. Many of our clients have established businesses at their home or converted outbuildings for a range of
u Stanton House, Morpeth.
u Little Ross Island, South West Scotland.
purposes, from equestrian services to small holdings, kennels, farm shops and holiday lets. Others have embraced the digital age, running businesses from their homes, facilitated by the expansion of high-speed broadband, and we count a number of social media influencers among our recent clients.
The past five years have brought about a period of rapid change in how people view their homes and lifestyles. More of our clients are prioritising their work-life balance, valuing time in nature, and seeking properties that offer both tranquility and convenience.
More and more buyers tell us they are keen to spend as much time as possible in nature. Granted, they still have to work, but if their home is in a glorious countryside setting, they can enjoy the outdoors on their doorstep.
At Galbraith, we are well placed to accommodate this growing aspiration for a better quality of life. Among the many unique and beautiful properties we have sold recently are those with their own beach (or two), private jetty, off-grid bothy, fishing hut, secluded woodland, waterfall or loch.
The epitome of that change of pace is when we sell an estate or island, offering the opportunity to escape from modern life and to immerse oneself in nature. The romance of owning land or your own island attracts buyers from all over the world and there is often keen competition.
Notable listings have included Mullagrach Island, a haven for seabirds in the Summer Isles with its own solarpowered eco-cabin; and Little Ross Island in the Solway Firth, with the original lighthouse keeper’s cottage and beautiful 360-degree views.
International buyers are drawn to Galbraith’s diverse range of property of all sizes and across all price bands. Scotland and Northern England continue to attract interest from across Europe, North America and beyond. Buyers are drawn to the combination of beautiful countryside, a stable property market, excellent local infrastructure, and a welcoming community.
Our clients in the North of England benefit from spectacular natural beauty and historic attractions, encompassing everything from Hadrian’s Wall and Bamburgh Castle to the stunning coastline, vast forests and wild moors.
Scotland offers exceptionally varied and beautiful landscapes with something for everyone, from majestic Munros, dazzling lochs and unspoilt beaches, to quiet glens and traditional villages.
Whilst the properties in our Property Showcase are already sold, they provide a flavour of the type of properties we are entrusted to market throughout the year.
We hope that all our clients and prospective purchasers find the property of their dreams.
David Corrie Partner
u Mullagrach Island. “A haven for seabirds in the Summer Isles.”
u Glenquicken House, Dumfries and Galloway.
PROJECT MANAGER CHOOSING THE RIGHT
Story: John Pullen
The key role of a Project Manager is the ability to juggle quality, time, and cost. This is particularly so within construction projects. It is generally not possible to achieve the highest possible quality of finish, within the shortest possible timeframe at the lowest cost.
Depending on the client’s specific requirements a balance must be struck, and a skilled Project Manager must often navigate opposing influences to lead the team to achieve the desired outcome. It is often not recognised that these three pillars of time, quality and cost also apply to the selection of the Project Manager in the first place.
T iming is key. The appointment of the Project Manager should be made at the outset, at the Concept Design stage. If, as often occurs, the appointment is not made until the construction phase, the ability of the Project Manager to influence the final outcome on behalf of the client is severely restricted. By the time of construction, all design decisions have been locked in, consents obtained and quotations received. There is little opportunity left to drill into the detail and promote more buildable solutions without reworking the design or losing time amending consents.
For example, by the build phase it can be too late to confirm that the necessary investigative works have been completed, resulting in costly late-instructed additional work or in some
u Highland Cinema, Fort William. Photo: David Barbour.
cases having already undertaken unnecessary works. Misguided attempts to save time during the preconstruction phase almost always costs further time and money during the construction works.
The Project Manager leads the team from inception. The original c lient brief is central to the project but can be forgotten by inappropriately selected members of the design team. It requires experience to select and build the team, coupled with rigorous management throughout the entire design process to ensure that the client’s aims are achieved, within the available budget.
At Galbraith we regularly manage high specification office fit outs or new builds. These developments have a very short construction period to minimise lost rental. It is vital that the right design team are selected and effectively managed, all detailing carefully scrutinised to ensure statutory compliance, buildability challenged, and all stakeholders fully aligned with the client brief, well in advance of works starting on site. Only early appointment can ensure sufficient time to plan proper ly to then be able to execute the works on site effectively.
It is of ten noted that the quality of the Project Manager will be reflected in the quality of the final development. At Galbraith our Project Managers have years of construction experience. We know what lasts and what may be a fad.
We also know how buildings operate long term and can identify poor design detailing. Our team will frequently propose alternative solutions that are more cost effective or shorten build times.
We fully understand the complex interaction between interior design and the underlying architectural, mechanical and electrical systems. During the management of our client’s rural properties, which can often be prestigious and of luxury quality, every detail must be considered and appropriately built into the fabric of the building to allow the high-quality finishes and fixtures to function.
Attention to detail starts in the design phase. Upon completion of an office conversion for Ledingham Chalmers, their Joint Managing Partner, Victoria Leslie, commented “We are extremely grateful for all your help and ideas and attention to detail. It has been hugely beneficial. Really delighted with the finished project. We could not have got there without you.”
By choosing a dedicated, experienced, professional Project Manager the balance of time, cost and quality will be achieved. It may cost more to employ their services for longer, but that cost will be returned in savings they will identify. Time and money are seldom saved in the construction phase but by choosing the right Project Manager at the outset, those opportunities can be identified throughout the entire process.
John Pullen Director
01463 224 343 inverness@galbraithgroup.com
It is a false economy if a professional is appointed purely on cost. They should be chosen on value The value that the right Project Manager will bring to a development is many times the sum of their fee. At Galbraith we do not aim to be the cheapest, we strive to provide the greatest value. Most clients have their own businesses to run and certainly their lives to live. Many have neither the time nor the experience to deliver a complex project. Similarly, while there may be a perception that others in the design team could undertake the management role, this perceived cost saving is misguided and dilutes their role. Our singular role is to drive the team to deliver the client’s vision. As the Highland Cinema and Highland Soap Factory owner, Angus MacDonald OBE stated, “I shudder to think how I would have managed to build these two projects without the depth of expertise and dedication of the Galbraith team.”
u The Highland Soap Company, Fort William. Photo: Steven Gunn.
u Office conversion for Ledingham Chalmers.
THE SCOTTISH INDUSTRIAL MARKET
The Scottish industrial market has enjoyed unprecedented occupational performance in the last five years. The most active element of the market is the Central Belt / M8 Corridor, with extremely low vacancy rates and above average rental growth being clear indicators of an undersupplied market.
Through 2021 and during the first two quarters of 2022, there was a vast amount of capital chasing deals which led to further yield compression throughout the market, which was especially true along the M8 corridor. There was a market correction in mid2022 when interest rates started to rise on the back of inflationary pressures and the Truss / Kwarteng ‘mini budget’ made things worse very quickly. Coupled with the war in Ukraine and rising prices for energy and raw materials we entered a perfect storm and valuations across the Commercial Property Sector were subject to correction almost overnight.
With interest rates at over 5%, ‘all-in’ commercial property debt rates of circa 8% and with leveraged buyers targeting a margin above this on new investments, only cash buyers such as institutional investors, overseas investors, family offices and HNW investors could participate below these levels.
Despite the headwinds, industrial property remained one of the most sought-after sectors with investors shying away from the office and high street sectors and preferring the attractive fundamentals which underpin the market of a low supply / high demand dynamic in addition to the cost of recycling vacant space remaining palatable in comparison to other property types.
Story: Jamie Addison-Scott
THE ZENITH BUILDING, BRITTAIN WAY, EUROCENTRAL
• Prime Industrial Investment
• Area (GIA): 92,997 sq ft
• WAULT: 3.80 yrs
• Tenant: Amazon
• Transaction Date: June 2022
• Price: £16.50m / 3.65% NIY
SINGLE-LET MARKET
Single-let mid to large-box industrial units (40,000 to 100,000+ sq ft) offer a substantially less asset management intensive industrial sub-sector than multi-let industrial investments and are often let on longer leases to national or international tenants with strong covenants.
There is currently extremely limited supply of mid to large-box warehouses across the Central Belt of Scotland. At the time of writing, we are aware of two units which are 50,000 sq ft plus that are available along the M8 corridor and both are under offer. The only other option is Knight Property’s 70,000 sq ft unit, Delta-70, which is currently being developed and will be ready for occupation in Q1/Q2 2026 at a quoting rent of £12.50 per sq ft.
This critical undersupply in conjunction with increased build costs has resulted in rapidly rising rents with average rental growth across the Central Belt being 8.50% in the past 12 months. Prime rents for 50,000 to 100,000 sq ft are currently £10.00 per sq ft for refurbished second-hand units and £12.50 per sq ft for new build units.
The elevated build and financing costs make any increase in speculative construction unlikely, which is keeping vacancy rates comfortably below historical averages. The Scottish vacancy rate is at a near record low of 4.30%. However, crucially this figure includes obsolete and dilapidated stock which accounts for 40 – 50% of the overall total, therefore the ‘true’ vacancy rate is in the order of 2.2% and 1.9% along the M8 corridor. It is reported that more than 85% of industrial tenants who occupy 50,000 sq ft plus, with a lease expiry in the past 24 months opted to renew their lease. This is higher than in any other part of the UK and is an output of the critically undersupplied Scottish industrial market.
Prior to the market pricing correction in mid-2022, there were several high profile sales completing within Eurocentral, most notable being the Zenith building at Brittain Way, Eurocentral which was acquired by BP Pension Fund for £16.50m, reflecting a ver y low yield of 3.65%. u
The challenging economic conditions which emerged in mid-2022 caused yields to soften considerably from a peak prime single let yields of 4.00% - 4.50% moving to 5.75% - 6.00%. The yields for secondary assets moved from 6.00% - 6.75% to between 7.50% - 9.00%, depending upon specifics. An example of this outward yield movement is the sale of 30 Coddington Crescent which was acquired by AFH Wealth Management for £9.94m, reflecting a yield of 5.80%. These are properties of comparable quality and location with the latter offering a longer term certain income. However, pricing had softened by more than 200 basis points.
30 CODDINGTON CRESCENT, EUROCENTRAL
• Prime Industrial Investment
• Area: 72,422 sq ft
• WAULT: 9.1 yrs
• Tenant: SIG plc
• Transaction Date: December 2024
• Price: £9.94m / 5.80% NIY
Investment lot size is an interesting aspect to explore as institutional funds focus on £7m plus single let industrial assets, whilst most private investor interest thins out above £2m. This creates opportunity in the £3m to £6m lot size range, which historically has been a very good hunting ground for REITs. However they have been notably absent in the past 3 years due to a number of factors. It will be interesting to see which parties will fill this void.
MULTI-LET MARKET
Multi-let industrial assets are commonly located in urban areas and are well connected to transport links. The estates usually comprise between 3 to 50 industrial units of differing sizes, which provide affordable space for a wide variety of business activities. They are mostly let to a highly diversified range of businesses on three to five-year leases, with units ranging in size from 500 sq ft to 15,000 sq f t.
Both the Glasgow and Edinburgh multi-let occupational markets have performed extremely well over the past few years and we anticipate that this will continue in the medium term. “
The imbalance between demand and supply is causing strong rental growth across the market, irrespective of the quality of the units. A structural shift in demand for small format industrial units has been driven by a combination of ecommerce and the growing number of small to medium-sized businesses in the UK. The variety of occupiers is extensive ranging from trade and manufacturing to leisure and quasi office space.
Both the Glasgow and Edinburgh multi-let occupational markets have performed extremely well over the past few years and we anticipate that this will continue in the medium term. Prime headline industrial rents on sub 15,000 sq ft units have reached £12 per sq ft in Glasgow and £16 per sq ft in Edinburgh, albeit there are exceptions within Edinburgh for inner-city estates where £20 per sq ft has been reached due to the extremely limited supply dynamics.
The active buyers for the multi-let industrial assets are primarily dependent upon quality and lot size. There are
numerous buyers for ‘value-add’ industrial assets across the Central Belt, where investors are able to actively manage an asset to increase returns, however, there are notably fewer buyers for assets without ‘angles’. There are a number of asset management houses who focus on multi-let industrial assets and are seeking double digit IRR returns. Further to this, and similar to single-let investments, institutional investors are focusing on assets of £5m plus with UK property companies and private investors filling the void between £1m - £4m, which is proving to be a good hunting ground for asset managers with strong knowledge of the local Scottish market.
As cited earlier, there was a substantial pricing correction in mid-2022 which was equally as evident in the multi-let sector as in the single-let sector. There was a vast amount of capital chasing multi-let stock over the course of 2021 and into 2022 which led to yield compression across both prime and secondary stock. A notable sale was Ibrox Business Park in Glasgow which was acquired by Mileway in Q4 2021 for £9.85m / 5.35%. Other active investors included Stenprop (now Indurent), Nuveen, Chancerygate and Ribston.
Following the mid-2022 pricing correction, prime multi-let yields moved outward from 5.00% - 5.50% to 6.25% - 6.75%. The outward yield shift for secondary multi-let assets was more extensive from 6.50% - 7.25% to 8.00% - 10.00%, depending on specifics. The reason for the larger movement in yields for secondary assets is primarily due to a number of the active buyers for that quality of stock being leveraged and being affected by the shift in debt rates.
IBROX BUSINESS PARK, GLASGOW
• Modern multi-let industrial estate
• Area: 78,674 sq ft
• WAULT: 2.7 yrs
• Rents: £6.50 - £9.50 per sq ft
• Transaction Date: December 2021
• Price: £9.85m / 5.35% NIY
SOUTH GYLE TRADE PARK, EDINBURGH
• Prime multi-let industrial estate
• Area: 139,650 sq ft
• WAULT: 7.0 yrs
• Rents: Average of £8.80 per sq ft
• Transaction Date: January 2024
• Price: £13.95m / 6.80%
At Galbraith we observe that the multi-let industrial sub-sector continues to be a resilient and defensive asset class which predominantly offers a diversified income stream due to the number of varied tenants within an estate as well as a palatable amount of capital expenditure to recycle and refurbish the space due to the more straightforward construction of the properties, especially in comparison to the office sector. The industrial single-let asset class within the Central Belt of Scotland offers a less asset management intensive investment and likely stronger tenant covenants, albeit the risk profile is considerably more binary in the event that the tenant vacates at which point a refurbishment and re-letting campaign will have to be undertaken.
Our investment team are some of the most active agents in the Scottish industrial sector and would be delighted to discuss industrial investment opportunities, large or small, single or multi-let. Please don’t hesitate to contact us.
Jamie Addison-Scott Senior Associate
Our property showcase includes some of our most prestigious homes, farms and estates sold over the past 18 months
HIGHLANDS & ISLANDS
Offers Over £450,000 SOLD
WEST LOTHIAN
Offers Over £3,595,000 SOLD
SOUTH AYRSHIRE
Offers Over £400,000
SOUTH AYRSHIRE Offers Over £875,000
EAST AYRSHIRE
Offers Over £1,020,000
SOLD SOLD SOLD SOLD
NORTHUMBERLAND
Offers Over £1,300,000
COUNTY DURHAM
Offers Over £1,300,000
NORTHUMBERLAND
Offers Over £4,500,000
NORTHUMBERLAND
Offers Over £2,100,000
Offers Over £1,270,000 SOLD SOLD SOLD SOLD
NORTHUMBERLAND
NORTHUMBERLAND
Offers Over £850,000
Offers Over £1,500,000
Offers Over £675,000
SOLD SOLD
Offers Over £475,000 SOLD
MORAY
H IGHLANDS & ISLANDS
D UMFRIES & GALLOWAY
FIFE
Offers Over £2,700,000
&
Offers Over £475,000
&
Offers Over £480,000
D
&
SOLD SOLD
Offers Over £400,000 SOLD
D UMFRIES
GALLOWAY
D UMFRIES
GALLOWAY
UMFRIES
GALLOWAY
FIFE
Offers Over £4,200,000
PERTHSHIRE
Offers Over £925,000
PERTHSHIRE
Offers Over £1,850,000
SOLD SOLD SOLD SOLD
SCOTTISH BORDERS
Offers Over £550,000
ARGYLL & BUTE
Offers Over £1,495,000
STIRLING
Offers Over £1,500,000
NORTHUMBERLAND
Offers Over £1,295,000
SOLD SOLD
Offers Over £1,175,000
ARGYLL & BUTE
Offers Over £875,000
Offers Over £695,000
Offers Over £695,000
ARGYLL & BUTE
FI FE
FI FE
KINROSS-SHIRE
Offers Over £700,000
PERTHSHIRE
Offers Over £750,000
KINROSS-SHIRE
Offers Over £640,000
SOLD SOLD SOLD SOLD
Offers Over £8,650,000
ANGUS
ABERDEENSHIRE
Offers Over £1,000,000
D UMFRIES & GALLOWAY Offers Over £645,000 SOLD
PERTHSHIRE
Offers Over £565,000
Offers Over £835,000 SOLD SOLD
SOUTH LANARKSHIRE
Offers Over £2,170,000
Offers Over £1,950,000
SOUTH AYRSHIRE
Offers Over £1,600,000
Offers Over £1,350,000 SOLD SOLD SOLD SOLD
& GALLOWAY
ANGUS
D UMFRIES
PERTHSHIRE
Offers Over £750,000 MORAY Offers Over £1,000,000
ABERDEENSHIRE
Offers Over £2,350,000
Offers Over £2,650,000 SOLD
PERTHSHIRE
Offers Over £340,000
Offers Over £2,600,000
PERTHSHIRE
Offers Over £920,000
SOLD SOLD SOLD SOLD
Offers Over £575,000
ANGUS
H IGHLANDS & ISLANDS
SCOTTISH BORDERS
Offers Over £525,000
EAST AYRSHIRE
Offers Over £625,000
Offers Over £520,000
SOLD SOLD SOLD SOLD
SCOTTISH BORDERS
Offers Over £625,000
MORAY
MORAY
Offers Over £850,000
Offers Over £985,000
Offers Over £1,250,000
SOUTH AYRSHIRE Offers Over £495,000 SOLD SOLD SOLD SOLD
H IGHLANDS & ISLANDS
H IGHLANDS & ISLANDS
ABERDEENSHIRE
Offers Over £570,000
H IGHLANDS & ISLANDS Offers Over £1,250,000
H IGHLANDS & ISLANDS
Offers O ver £365,000
ABERDEENSHIRE Offers O ver £560,000 SOLD
SOLD SOLD
THE FEEL GOOD FACTOR
Story & Photography: Sam Gibson
What is it that drives demand for property in a particular location at a particular time?
Most commentators would agree that economic stability is crucial, good property supply is a must, and then there is the elusive quality that brings everything together… the feelgood factor.
The feelgood factor in the residential property market should not be discounted. In some respects it is similar to the foundations of a house – without it, market confidence can crumble. With it, we see motivated buyers acting decisively to secure the home that meets their needs, shorter transaction times and a virtuous circle of new properties being brought to the market as the positive sentiment spreads.
In the North of England we are celebrating, as I write, the news of Newcastle United lifting their first major trophy for 70 years at Wembley, with victory in the Carabao Cup. Granted, not everyone is a footie fan, but I can tell you a feeling of joy has enveloped the whole region.
Sporting success notwithstanding, spring always brings a surge in interest for properties on the market and there is certainly a sense of confidence and optimism in the market, with increased activity among sellers and potential buyers.
The wider economic factors that are a positive for those looking to buy in the coming months include the positive direction of travel of interest rates. A reduction of costs, always provides reassurance to the market.
In the North of England we are blessed with a rare combination of factors that draw people to the region from all over the UK and further afield, while also dissuading residents from departing.
There is a vibrant community spirit, good schools, excellent transport links within the region and connections to the rest of the UK, as well as a variety of attractive and historic places to live.
The beauty and variety of the natural scener y of the North of England is second to none, with everything from wild and rugged moorland, to dramatic coastline and stunning beaches, to the vast forests of Kielder and Northumberland National Park, the region offers extraordinar y opportunities to enjoy outdoor sports and leisure pursuits amidst superb, unspoilt landscapes.
There are destination restaurants and pubs in many parts of the region, including the beautiful Kirkstyle Inn and Sportsman’s Rest at Slaggyford and the historic Lord Crewe Arms at Blanchland, both noted for their delicious food, superb setting and warm welcome.
The best-known property hot-spots include Bamburgh, with its glorious coastline and majestic Bamburgh Castle; and Corbridge, with its charming honey-coloured stone houses and Roman remains. Both are perennially ranked among the best places to live in the North of England. Property prices in Bamburgh have
risen year on year, including during the credit crunch. The popularity of these two locations has boosted the appeal of property in nearby villages such as Riding Mill, Humshaugh and Stocksfield.
Hexham, a desirable market town, also has beautiful traditional architecture and is the perfect location, centrally placed, to enjoy the many attractions of the area.
Closer to the city of Newcastle, Ponteland is known for its supercars and luxurious enclaves including Runnymede Road, where the average house price has now reached £1,848,846, making it the most expensive street in the North East, according to recent data from The Times.
Outside of the celebrated hot-spots, the region offers ver y good value for money compared to many other parts of the UK and it is possible to enjoy the superb lifestyle of Northumberland at a price that would suit most budgets. Seahouses and Amble are two of the more affordable coastal locations, offering great seafood, a wide range of historic and contemporary property, a coastal lifestyle and a more youthful outlook. Prices in Amble have risen faster than anywhere else in the region in the past two years and Seahouses offers many of the appealing attributes of Cornwall, without the sky-high prices.
We look forward to an excellent selling season and we wish all our readers, and customers old and new, a happy and successful summer.
Sam Gibson Partner
u Hall Hill House Offers over £850,000 for sale through Galbraith.
u Whitechapel Cottage & Fishing.
RURAL DIVERSIFICATION
How farms & estates are adapting to a changing economy
In the modern rural economy, diversification is becoming increasingly important for farms and estates, as they seek to remain financially sustainable while preserving their land and built heritage. With traditional revenue streams such as agriculture, forestry and sporting facing increasing pressures from economic volatility, environmental regulations, and shifting consumer demands, many farms and estates are exploring new ways to generate income. From renewable energy to tourism, farms and estates across the UK are embracing innovation to secure their future.
EXPLORING COMMERCIAL VENTURES AND THE USE OF RENEWABLE ENERGY
Beyond tourism and renewable energy, rural estates and farms are turning to commercial ventures that align with their land and resources. This could include developing business parks, artisanal food production, distilleries, or even hosting corporate retreats and weddings.
With incentives and a growing demand for sustainable practices, many estates are also investing in solar, wind, and biomass energy production. Solar photovoltaic (PV) panels are being widely adopted due to their relatively low maintenance costs and strong return on investment.
It was important to the client that the building was designed so that it was as ‘green’ as possible. The design team therefore reviewed several low to zero carbon technologies, though the site was partly restricted by the existing building construction that was being retained and extended.
The final design inc luded an air source heat pump, and lighting and water sensor controls to reduce consumption. A groundmounted solar PV scheme was then installed as ‘Phase 2’, when the business was up and running and energy consumption had been established.
Story & Photography: Peter Scott Aiton & James Towers
For example, Active Kids Adventure Park in Stanley, Scotland, is a shining example of estate diversification that incorporates renewable energy. Galbraith were involved in project managing the redevelopment, closely working with the design team to deliver a building that complemented the existing outdoor play facility, whilst having the ability to be used all year round.
It was also important that the indoor play area reflected the outdoors and the agricultural roots of the business. Therefore, a timber play scheme was incorporated into the development and, whilst this did present challenges during construction, it created a unique facility which is now very popular. This approach demonstrates how rural estates can integrate green technology to assist with maintaining a profitable enterprise.
u “Active Kids Adventure Park in Stanley, Scotland, is a shining example of estate diversification that incorporates renewable energy.”
Peter Scott Aiton Partner
0131 240 6960
edinburgh@galbraithgroup.com
James Towers Director
0131 240 6960
edinburgh@galbraithgroup.com
SHORT-TERM LETS AND TOURISM EXPANSION
Another significant trend in rural diversification is the shift toward short-term holiday lets and experiential tourism. Estates and farms that once relied solely on long-term agricultural leases or private tenancy agreements are now repurposing buildings into high-end holiday accommodations. The increasing demand for rural retreats has encouraged estates and farms to offer unique stays, from glamping sites to converted farm buildings.
Many are also adding supplementary attractions, such as adventure parks, farm-totable experiences, and guided nature tours. By leveraging the natural beauty and heritage of their land, estates and farms can create memorable visitor experiences that generate consistent income.
Our head of Building Consultancy, Peter Scott Aiton has 15 years of experience in the rural diversification and tourism sector. This includes developing out Legerwood Steading on his own family farm. The concept was born from a desire to convert redundant stone and
slate farm buildings that were no longer suitable for agricultural use. There was also a business drive to secure alternative income to shore up unpredictable farm subsidies over the longer term.
Legerwood Steading offers nine en-suite bedrooms and big open plan living areas with unspoilt views over the family farm. It is used year-round to accommodate all sorts of business, friend and family gatherings. The design and use were carefully considered to complement the farming business. The third aim was to allow opportunity for the public to be educated into modern farming practice and the fantastic standard of UK food production. All guests are offered a free farm tour as an opportunity to embrace and educate the consumer into UK agriculture. Legerwood also took the opportunity to embrace renewables with all heating and hot water supplied by a biomass district heating system that consumes the farm’s excess wheat straw. A 60kw solar system has also been added to a cattle shed roof, with the hope of adding battery storage to account for the majority of the electrical demand.
u “Legerwood Steading offers 9 en-suite bedrooms and big open plan living areas with unspoilt views over the family farm.”
THE FUTURE OF RURAL DIVERSIFICATION
Rural estates and farms that embrace diversification are positioning themselves for long-term resilience. By integrating renewable energy solutions like PV panels, expanding into short-term lets, and exploring commercial ventures and natural capital projects, these estates are not only securing financial stability but also contributing to sustainable rural development.
Active Kids Adventure Park in Stanley is a perfect example of how estates can successfully evolve. By combining adventure tourism with renewable energy investment, the estate has created a dynamic and sustainable business model that benefits both visitors and the environment.
When investing in building and infrastructure, it is important to involve the correct team of professionals who can ensure that the development is future proofed. Too often we get brought in at the later design stages, by which time it’s more cost and time to implement the wider thought processes that an experienced Galbraith Project Manager can offer
As economic and environmental challenges continue to shape the rural landscape, estates and farms that think creatively and diversify wisely will be the ones that thrive.
THE CHANGING FACE OF ESTATE MANAGEMENT
In this interview between James Galbraith, the former Chairman of Galbraith, and Dougal Lindsay, Partner, they discuss James’s reflections on nearly five decades as a land agent. From early inspiration on a rural estate to navigating major shifts in ownership models, political landscapes, and technological change, James shares candid insights into how the profession has evolved—and where it may be heading next.
Story: James Galbraith & Dougal Lindsay
Dougal Lindsay: James – let’s talk about your career as a land agent, how land management and ownership have changed over the years. But first, tell me how you started.
James Galbraith: I was brought up on a landed estate; my father was the resident factor. He would explain land management to me, and I was hooked. By the time I was 14, I had chosen my career. After school, I did a threeyear course in Rural Estate Management at The Royal Agricultural College, Cirencester.
Dougal Lindsay: During your career, you must have seen different approaches to estate management?
James Galbraith: My first job, in 1977, was with Cluttons in London, where I was an assistant to the partner handling agricultural investment, principally for institutions. Their approach was very different from the traditional style of land ownership I knew. Their focus was more on the financials— capital preservation and growth—and achieving a financial return, unlike traditional landowners whose focus was on more peripheral issues as well as the continuity of family ownership.
Dougal Lindsay: It was a more analytical approach than that of the traditional landlordowner?
James Galbraith: Yes, it was. My introduction to institutional ownership was the Kilmarnock Estate, which had been sold by the Howard of Walden family to an institution in 1978. It was a traditional estate with an estate office and staff Within six months of purchase, the estate office had been closed, and Cluttons opened an office in Edinburgh from which we
managed the estate. There were no directly employed staff, substantial cost savings were made, and the estate was able to generate a significant net income. I suspect historically the estate had only broken even. The estate had gone from personal/family ownership to institutional ownership, and with it, the style of management changed.
Dougal Lindsay: But institutional ownership has now largely disappeared in Scotland?
James Galbraith: Institutions came into the land market in the late 1960s and were active buyers of land throughout the 1970s and into the early 1980s, buying traditional estates and farms on a sale and leaseback basis. From the mid-1980s, land ownership no longer fulfilled investment criteria for institutions, so they started selling their estates, and by the early 1990s, most of their landholdings had been sold. The last major institutional landowner in Scotland, Commercial Union, sold Panmure Estate—extending to about 14,000 acres—in 2000.
Interestingly, institutions and insurance companies are once again buying land in Scotland, but this time it is not for agricultural investment, but for natural capital.
Dougal Lindsay: There are parallels, as the funds that have recently invested in natural capital take a more analytical approach than Highland lairds have traditionally taken. Estate management in the Highlands is different from that of lowland estates because Highland sporting estates are owned for recreation and pleasure, for which owners are prepared to pay. They do not expect their estates to turn a profit.
James Galbraith: Yes, the principal objective of private owners of sporting estates is personal enjoyment, and very often the annual cost of running their estates is significant. So long as they continue to derive enjoyment from them and can afford the cost, they will keep them. But once that is no longer the case, they sell. A change in family priorities can also be a reason for sale, with the capital invested in the estate being realised for other purposes.
Dougal Lindsay: Yes, that's right. There is a statistic that sporting estates change hands every 14 years—or perhaps a little longer.
James Galbraith: That wouldn't surprise me.
Dougal Lindsay: In my experience, the approach to estate management has changed in the last ten years or so, particularly in relation to local community interests and other outside influences. Consultation with local communities has become very important.
James Galbraith: And there has been a great change in the political approach towards agriculture since the mid-1970s. Then, with memories of food shortages during WW2 still fresh, the drive was for production with substantial grants to modernise farm infrastructure. And with membership of the EEC came intervention buying, which ensured a minimum price for agricultural commodities and gave farmers significant security when planting crops. That policy was so successful that it led to huge surpluses— "grain mountains," "butter mountains," and "wine lakes"—which had to be stored and sold at unsustainable cost. Ultimately, in the early 2000s, agricultural support changed to area-based grant schemes. u
u “...Interestingly, institutions and insurance companies are once again buying land in Scotland but this time it is not for agricultural investment, but for natural capital.”
u “...drones are being used to help with land management, particularly in relation to deer management, and allowing us to use infrared thermal capabilities to trace deer in thick woodland. That's fantastic! ”
Post-Brexit in the UK, the pendulum has now swung further, with farmers receiving grants not for agricultural development but for environmental works. Back in the day, there were grants of up to 70% for drainage and 30–40% for farm buildings. That no longer applies. Now, grants are for environmental schemes such as creating wetlands and rewilding.
Dougal Lindsay: Yes, peat moors are an example. Landowners were paid to drain and "improve" their moors, but now they are being encouraged—and grant-aided—to protect the peat by blocking drainage ditches for which grants had been paid in the past.
James Galbraith: The focus of politicians on the way land is used and owned has changed. It has become much more intense, and I think that in Scotland, it was a consequence of devolution. There was a kickback against the historic ways things had operated, which has continued since 1997. Part of that stems from it being easier for politicians to develop policies around land reform than to effect change in other areas. It gives them a headline, whereas fixing more substantial issues—such as the Scottish education system, which is in serious need of
attention—is more difficult and less likely to generate favourable publicity. Land reform is an easy win for them.
Dougal Lindsay: Yes, there's no doubt political focus has changed, and landowners are now more accountable for the way land is managed. It's not just about what the laird wants; it's also about what communities and other stakeholders want—the various agencies and bodies we work with. There's a greater requirement to consider how land should be used responsibly, and with the proposed Land Reform Bill, it will become more complicated. As drafted, the bill will bring a big increase in regulation, guidance, and best practices, which have built up since the first Land Reform Act in 2003 and its subsequent updates every few years. It has had a very big impact on how we focus our efforts in land management.
James Galbraith: The advancement of technology has had a huge effect too. When I started, there were no quad bikes, no drones, no computers. Everything had to be done by hand, and paper copies of records had to be retained and catalogued so information was recoverable. Monitoring authorities had much less access to information than they do now, and their ability to control was limited.
For example, I think landlord registration of let residential properties would have been almost impossible forty years ago, because the amount of paperwork would have been unmanageable.
So, I feel that some of the current constraints on land management are a consequence of the advancement of computer technology— with its ability to keep records and allow government greater access to information.
Dougal Lindsay: Yes, you're absolutely right. And it is burdensome. But technology has enabled us as well. For example, GIS mapping has revolutionised much of what we do. With it, we can investigate potential changes in land use or model the natural capital available in an area. The younger land agents are really capable in using GIS mapping, and it's impressive to see.
Drones are also revolutionary. For example, in relation to deer management, they are being used with infrared thermal cameras, which allow us to trace and count deer in thick woodland—something we had never been able to do previously. That's fantastic!
James Galbraith: Yes, I agree with that.
Dougal Lindsay: The burden of complying with new regulation has definitely increased over the past few years and influences the way landowners run their estates. For instance, in the let residential market, many estate owners have chosen to dispose of cottages and houses they used to let because the cost of improving them to comply with the proposed government standards was uneconomic. Government influence and regulation have a huge impact on estate management.
Culturally, there's also been quite a change in terms of those who make up the profession, and you previously said that when you went to Cirencester, it was a male-only establishment!
James Galbraith: Yes, it was male-only at the time. Thankfully, the profession is now mixed, and it's much better for it. Having a gender balance has brought in so much talent.
One of the other major changes brought by technological advancement is the ability to work from home. I think we still have some way to go in figuring out the correct balance between being in the office and working remotely.
As land agents, we were often out of the office anyway. But I always enjoyed the
community/team aspect of working with others to achieve a shared objective. Having people to talk to, discuss problems with, and learn from was all part of professional life that I appreciated. I enjoyed a personal approach, and it's important for clients to have a firm acting collegially on their behalf
Another thing that became more apparent during my career is that RICS regulation has tightened. One area where it really needed to was valuations. After the drop in property values in the early 1990s, there were significant cases of negligence where sur veyors reported values without doing proper due diligence. Their professional indemnity insurers had to pay substantial claims, and the RICS took notice. They've done a great job ensuring all valuations by RICS surveyors are properly researched and undertaken by those appropriately qualified. Again, technology has helped by making access to public information—especially on planning—much easier and less timeconsuming.
Dougal Lindsay: These are things we all now take for granted. With the development of AI, the process will keep evolving, helping us work smarter and more efficiently.
Dougal Lindsay: We talked about institutional investment—they sold up, and now we've got other institutions coming back to invest in natural capital. Where do you think the future lies? What do you think the future is for the landed sector in Scotland?
James Galbraith: I think the traditional estate comprising let farms will diminish further. There will be more owner-occupiers, particularly in the Borders and arable areas. In my time, many traditional estates have been broken up and sold, mostly to tenants already in occupation. I do not see that trend reversing.
In the Highlands, a different process is ongoing, and it's difficult to know exactly where it will end. Interest in sporting estates for the sport they offer seems to have diminished, with the younger generation having less interest. There are people who like owning large swathes of land and enjoying their own "kingdom", but I feel that interest might be less than it once was.
Dougal Lindsay: Yes, it will evolve. From a professional perspective, there will always be a requirement for land to be managed, but the motivations and directions of management will continue to adjust to the attitudes and perceptions of the time. Those have changed significantly over your career—and will continue to change.
Thank you for sharing your thoughts. I’ve much enjoyed our discussion.
James Galbraith Former Chairman of Galbraith
01463 224 343
inverness@galbraithgroup.com
u “...the traditional landlord who would let farms is going to diminish more. So I think there'll be more owner occupiers, particularly in the Borders and in the arable areas.”
Dougal Lindsay Partner 01463 224 343
inverness@galbraithgroup.com
NESO GRID REFORMS
UK Clean Power 2030 Action Plan and zonal pricing
Scotland's renewable energy sector is on the verge of a significant transformation, driven by ambitious climate goals and the need to rapidly modernise the electricity network. These changes include grid connection reforms, the UK Clean Power 2030 Action Plan, and potential shifts towards zonal electricity pricing. These developments present both opportunities and challenges for Scotland's renewable energy sector, and will require close attention from developers, landowners, and communities alike.
Story: Mike Reid
The high volume of renewable energy projects seeking to connect to the national grid has placed immense strain on existing network infrastructure and administrative procedures. This has resulted in two key challenges that the current system cannot efficiently resolve.
Firstly, the average number of days to receive a connection offer has steadily increased, resulting in a slower implantation of new projects needed to meet Net Zero targets. Secondly, the total connection queue for new projects at the end of 2024 was estimated at generating four times more installed capacity than the UK Government expects the country to need by 2050, with a number of projects effectively ‘stalled’ in the queue with a low likelihood of progressing to construction for a variety of reasons.
Recognising this bottleneck, the National Energy System Operator (NESO) has launched a major overhaul as part of the GB Connections Reform project. The first phase of these changes is expected to introduce a more stringent, phased approach to new applications known as ‘First Ready, First Connected’ or TM04. This new approach involves NESO evaluating all new connection applications through two new assessment stages, known as Gate 1 and Gate 2.
Gate 1 will assess projects on their competency, with successful applications receiving offers for the capacity and technology requested, with an indicative connection date and an indicative connection point. These assessments will be conducted through an annual early application window, in contrast to the current system where applications can be made at any time.
Gate 2 will determine the queue position for projects within the application window, with a focus on accelerating eligible projects up the queue. Criteria affecting eligibility include secured land rights and submitted planning applications, along with alignment with the UK Government’s strategic priorities.
However, NESO has determined that the reforms will need to go further than the proposed ‘First Ready, First Connected’ or TM04 process outlined above to tackle the backlog of existing projects in the grid connection queue. This additional process, known as ‘Apply Gate 2 to the existing queue’ or TM04+, will expand the reforms to the existing grid connection queue, ranking projects on their readiness to progress.
If these reforms are approved by Ofgem, they could result in a complete reshuffle of the existing grid connection queue, which would have significant impacts on the future direction of existing renewable energy projects across the country. This could mean projects which looked set to progress in the near future are significantly delayed or become unviable, while others which were low down the queue are suddenly accelerated towards construction.
u “If these reforms are approved by Ofgem, they could result in a complete reshuffle of the existing grid connection queue, which would have significant impacts on the future direction of existing renewable energy projects across the country.”
NEW CAPACITY LIMITS FOR ONSHORE WIND IN SCOTLAND?
Scotland's onshore wind sector, which has been instrumental in the nation’s renewable energy transition so far, faces a period of adjustment under the Clean Power 2030 Action Plan (CP30). This plan sets regional capacity ranges for various renewable technologies, and the proposed limits for onshore wind in Scotland have sparked considerable debate within the sector.
This plan is a response to the foundational shift that has occurred since renewables overtook fossil fuels as the main source of electricity generation in the UK. When the current electricity grid was designed this was primarily powered by a small number of large power stations which were in relatively close proximity to major population centres. By contrast, the majority of wind and solar farms constructed in the past 25 years have been much smaller, numerous and located in more remote locations. u
In response to this situation, Labour and NESO aim to encourage more onshore wind development closer to demand centres in England and Wales. By reducing the reliance of England and Wales on renewable energy from Scotland (where generational capacity from onshore wind is high but transmission capacity is low), the UK Government aims to reduce capital expenditure on new transmission infrastructure required to bring electricity from Scotland to the UK’s major population centres in southern and central England.
However, questions remain over the viability of significantly increasing onshore wind in England and Wales, owing to lower wind resources, higher population densities and greater competition between different land uses. The political challenges associated with large-scale energy and infrastructure projects can be crucial in deciding their eventual outcome. However, it remains to be seen how the public reacts to this policy.
From a Scottish perspective, there is a potential that some projects exceeding the allocated capacity may face delays or even lose their existing grid connection agreements, potentially reshaping the future landscape of onshore wind development in Scotland. While the impact of these reforms on the sector remains to be seen, we could see developers being more selective in their approaches to landowners, resulting in a lower number of projects. Furthermore, if the total number of consented projects decreases, we could see an acceleration in the timescales associated with project development, and a higher proportion of projects successfully reaching construction. These factors would require a greater emphasis on site promotion to developers, along with a change in market dynamics that could impact on commercial terms.
u “The potential introduction of zonal (or locational) pricing for electricity adds another layer of complexity to Scotland's energy future.”
THE OUTLOOK FOR OFFSHORE WIND
While onshore wind faces a period of adjustment, Scotland's offshore wind sector appears poised for expansion, buoyed by strong government support and substantial grid infrastructure upgrades. The planned £58 billion investment in the National Grid announced by NESO aims to connect an additional 21GW of offshore wind to the network, alongside other lowcarbon generation across Britain. The Government views these upgrades as essential for harnessing Scotland's vast offshore wind resources and delivering clean electricity to meet the UK's growing demand.
While a significant proportion of the upgrades will be focused on undersea cabling, NESO has indicated that additional onshore transmission infrastructure will be essential in realising these targets. This could have major ramifications for landowners and communities located in areas where new offshore connections make landfall and along proposed routes for new transmission infrastructure. While the UK Government is seeking to reduce capital expenditure on transmission infrastructure through the new capacity limits on onshore wind in Scotland, major reform of the grid network will nonetheless be required to meet growing electricity demand and the projected increase in offshore wind.
ZONAL PRICING: OPPORTUNITIES AND CHALLENGES
The potential introduction of zonal (or locational) pricing for electricity adds another layer of complexity to Scotland's energy future. This pricing mechanism would see electricity costs vary by region, reflecting factors such as generation availability and network constraints. This type of electricity market is used in countries including the USA, Australia and Denmark.
For Scotland, with its plentiful supply of renewable energy often situated in less densely populated areas, zonal pricing could potentially lead to lower electricity prices during periods of high wind or solar generation. This could offer a competitive advantage to local consumers and industries, particularly those with very large power requirements, such as data centres. This could in turn encourage industries and businesses to relocate to areas where electricity prices are lower, which could boost the local economies of smaller cities and rural areas located near renewable generation assets. However, concerns have been raised over the complexities of implementing such a system and its possible disadvantages for projects in areas facing grid limitations. Industry commentators have raised concerns over the potential for zonal pricing to deter investment in renewables, owing to reduced confidence in financial modelling while a new system of pricing is designed and implemented. Furthermore, owing to the disparity between the locations where generation and consumption are greatest, critics argue that it would be unfair for those in central and southern England to pay substantially higher electricity prices than those in northern Scotland.
For Scotland, with its plentiful supply of renewable energy often situated in less densely populated areas, zonal pricing could potentially lead to lower electricity prices during periods of high wind or solar generation...
CONCLUSION
The combination of NESO's grid reforms, the Clean Power 2030 Action Plan, and the potential introduction of zonal pricing could have major implications for Scotland's renewable energy sector. While the onshore wind industry faces potential adjustments due to new capacity constraints and grid connection processes, the offshore wind sector stands ready for substantial growth, underpinned by significant grid investments. The implications of zonal pricing remain uncertain but could reshape the economic dynamics of renewable energy development in Scotland. Given the importance of the renewable energy sector to the UK’s economy and Net Zero commitments, further proposals and amendments in policy should be expected. Appraising the challenges and opportunities these policies present will be crucial for both landowners and project developers.
Mike Reid Partner
I’ve bought a forest!
u “I want to know more about that silvicultural craft. The thinning, road building, deer management, all sounds rather violent.”
I spend an inordinate amount of time fantasising about the day my Premium Bond numbers come up and I can buy a forest. Or perhaps even better, planting land to create my own. So, in preparation for this event, I asked the Galbraith forestry team for their professional advice.
Story & Photography: Dr Eleanor Harris
Ibegin in the Perth office. Hamish Robertson has been a forester at Galbraith for over thirty years, which means he’s probably starting to harvest trees he planted. In contrast, Miles Griffiths has travelled the world and undertaken all kinds of jobs in his short career. But they both share a passion for forests and a long-term view of their future.
Hamish fires questions at me about my fantasy forest: ‘How exciting! Why did you buy it? What are your aspirations? How long do you intend to own it? What information do you have about it? How big is it?’
‘You might have paid for it, but can you really call yourself custodian of the woodland if you don’t know what you’ve got?’ asks Miles. ‘You need a comprehensive inventory, with a map and records for each area of the woodland.’
I had been picturing myself planting wild daffodils and putting up blue tit boxes. I am also developing a complicated planet-saving scheme in which I harvest timber to build houses which last longer than it takes to grow more trees, creating a growing carbon-capture pool while tackling the housing crisis... These questions sound like hard work.
Not to Miles, though, who is describing the creation of a “Long Term Forest Plan” as an art form, a game, a spiritual path.
The art is combining a vision for the forest’s future with the silvicultural craft of how to achieve it. This might involve thinning, new planting, construction of roads, deer management – all approved by Scottish Forestry, the government regulators.
The game is understanding the hidden hazards –‘power lines, water supplies, environmental designations, hidden archaeology, public access, nesting animals’ – and navigating them effectively, like a game of minesweeper.
The spiritual path of karma requires reaching out to everyone with a stake in the woodland to consult on proposals: ‘it pays to demonstrate competency and foresight to your neighbours and environmental organisations’.
Once this is all done, and the Plan in place, ‘you have proven yourself a responsible custodian of the land’ says Miles. I can implement my vision for the next ten years without any nasty surprises from neighbours, regulators, or unexpected hazards in the wood.
‘Contact Galbraith Forestry to help you with this,’ says Hamish with a wry smile. ‘ They are excellent!’ It sounds like it might be expensive too – but no, Miles says – not only is the Plan grant funded, but it unlocks all kinds of other financial support which is not available other wise. More money for wild daffodil bulbs.
I want to know more about that silvicultural craft. The thinning, road building, deer management, all sounds rather violent. I put the question to the team at Penrith, starting with Russell Porter. Russell, who has been managing woodlands in northern England and southern Scotland for almost as long as Hamish in the Highlands, likes to present himself as a thoroughly commercial forester. I don’t mention my daffodils. u
To my surprise, Russell talks about climate change. It shouldn’t be surprising: Gen X foresters, like Gen X environmental activists (me), have watched the climate change before our eyes. We have been both paying close attention to the weather, and the meteorological knowledge we brought out of university is no longer true.
‘If you want your forest to make money, or even just break even, you have to prioritise resilience,’ says Russell. ‘You hear a lot of people talking about resilience through alternative species – but you end up growing material sawmills don’t want especially in the North of England and South Scotland where spruce is king. In the north of the UK the climate impact we’ve already got is more storms, and the wind doesn’t care what species of tree it knocks down.’
So what should I do?
‘Ground preparation has to be a big consideration,’ says Russell. ‘Developing good symmetrical root systems is key to wind resilience. Deep ploughing is generally out because you end up with one-sided roots – and you’ll tell me it’s bad for carbon emissions anyway. The right ground prep depends on the soil: mounding, hinge mounding, scarification... There’s useful guidance from the Forestry Commission.’
I note the terms to look up later.
We almost go off on a soil tangent. Foresters love soil, and love discussing its ancient-sounding names, its layers, its colours, the importance of understanding it to growing trees. But we stay focused on resilience.
‘Once your trees are growing one of the best ways to improve stability to the stand is to thin them,’ Russell goes on. ‘But it’s essential to thin at the right time – i.e. early – about year 15 depending on growth rates. If you wait too long the forest becomes unstable, and that’s why they keep blowing down now.’
u
“One thing seems clear though: in the long run, global timber demand is set to rise and rise.”
u “Historically poor market conditions resulted in you having to pay for thinning, so you’d thin later to produce more timber or do nothing and hope for the best.”
So why were so many forests not thinned in time?
‘Historically, poor market conditions resulted in you having to pay for thinning, so you’d thin later to produce more timber or do nothing and hope for the best. But we can’t afford to do that now: the risk of losing the whole crop is too high. Anyway, we have much better markets for chip and biomass, so it’s easier to make it pay for itself.’ Russell’s commercial head is useful.
‘ Then, especially in the lowlands, you keep thinning,’ he says, ‘and each time it makes more money and your crop becomes more stable and resilient to wind damage. And then you find you’re moving towards Continuous Cover Forestry, which is probably the way we should be going – but you’ll need to talk to Jon about all that fluffy stuff.’ Continuous Cover Forestry, CCF for short, is the permaculture of woodland management, and it doesn’t suit Russell’s self-image to be promoting something so ecological. But I’ve yet to meet a forester who doesn’t understand that in their industry, commerce and ecology are already inextricably intertwined.
Jon Tompson, who spent many years managing publicly owned forests before joining Galbraith, loves talking about CCF – although he understands the importance of business planning as thoroughly as Russell.
‘ The principle of CCF is avoiding clearfelling large areas,’ he explains. ‘Rather than growing trees like a gigantic arable crop, it’s a holistic approach, managing the woodland as a complex ecosystem. It’s great for wildlife, and aesthetically pleasing. You’re still aiming to make an economic return, but you have an ongoing drip of income from thinning and selective felling, not a windfall every thirty years.’
There are a lot of forests in the UK where it won’t be suitable, Jon cautions: in the uplands where winds are too strong or the soils are peaty and wet; or small, inaccessible farm shelterbelts.
‘But there are a lot more where CCF could be done.’ I press him for a size. ‘In some cases, you could thin as little as five hectares economically,’ he says. This is reassuring: I thought he’d say fifty. I could imagine affording five hectares one day.
‘ There are no shortcuts to CCF,’ Jon continues. ‘But restocking with conventional forestry is getting more expensive, so it makes increasing sense. Also, infrastructure to extract large volumes of timber costs much more than nipping in for smaller loads.’
‘ The ultimate goal is natural regeneration, so you have no restocking costs. That’s a whole art form in itself: you have to think about seed trees, light levels, and deer management – but you’ll have to manage deer whatever your type of forestry. You can even bring in small numbers of cattle which can help natural regeneration and reassemble another link in the ecosystem.’
‘But in the short term all you need to do is thin. Thinning keeps your options open and should be viewed as an investment. Early thinning is particularly beneficial in building wind stability and enhancing timber quality and therefore value of your future forest.’
No disagreement with Russell there then. But what about tree species?
‘CCF can be done with any number of conifer and broadleaf species. Sitka spruce and Douglas fir are two species that lend themselves well to CCF, as they generally grow quickly, with good form and fetch good prices from the sawmills. And by thinning regularly, you allow the trees to grow faster and, when the time is right, regenerate to produce the next generation of saplings for free. Thinning will also allow more light to the forest floor, providing a more diverse ground flora and enhancing wildlife habitat. The common perception of dense, dark Sitka plantations can be a very different reality with regular thinning.’
He talks about the heady peak at the start of the Covid lockdown, when everyone was at home shopping, gardening, doing DIY; when the mills were hungry for sawlog, pallet wood, fencing, chip for board. Then the 2022 hangover, when prices dropped 25 per cent; and the slow recovery since then.
Our head of forestry, Athole McKillop, has promised me an update on those timber markets people keep mentioning. Never in one place, I catch him rushing between forests, going in and out of signal.
But what about the future? I ask impatiently, as his disembodied voice starts to crackle into the mountains.
So many factors! A government housebuilding drive would create demand, but a strong pound would make Scandinavian imports cheaper. A storm floods the market with windblown timber one year; but might create scarcity in future. When sawlog demand goes down, the price of chipwood goes up because there are fewer sawn-timber offcuts.
One thing seems clear though: in the long run, global timber demand is set to rise and rise, but availability of timber is constrained by the available area of land and the speed it grows. That makes growing it a good investment.
I begin to see why Russell and Jon were so keen on the commercial potential of CCF. My structurally diverse forest could respond to all these ups and downs.
Hamish has a practical suggestion. ‘Why not test the market by identifying a coupe for harvest and putting it out to competitive tender?’ he suggests. ‘You aren’t obliged to accept any offers. You can wait until the market is right – and meanwhile your trees keep growing and increasing in value. This is something Galbraith has been doing for decades.’
Perhaps my Premium Bond numbers never will come up. But yours might, in which case I like to hope that, whether I get to plant my Wordsworthian daffodils or not, my dreaming will contribute to some more resilient, welldesigned, multifunctional forests. One thing I have learned is that forest management is a complex business requiring the skill and experience to design regimes as unique as every forest.
Contact Galbraith’s Forestry team: they are excellent!
Dr Eleanor Harris Natural Capital and Carbon Leader 0131 240 6960 edinburgh@galbraithgroup.com
Change & Opportunity
What's driving Scotland and Northern England's farm and land markets?
The Scottish and Northern English farm and land market continues to show remarkable resilience, with demand underpinned by limited supply of land, stable lending conditions and a diverse pool of motivated buyers.
Story: Duncan Barrie & Alistair Cochrane
This resulted in a good steady market throughout 2024 with the market largely untested at this early stage of summer 2025. That said, potential change is on the horizon. As has been well documented across the national media, one of the most profound influences to the farm and land market was announced at last October's UK budget, specifically the reform of Agricultural Property Relief (APR) and Business Property Relief (BPR) and its impact on inheritance tax (IHT). These proposed changes, expected to take effect in April 2026, have caused considerable anxiety across the sector — from large estate owners to small family farms whose hitherto plans for succession were thrown into the air at the sweep of the Chancellors pen. Many landowners are now actively planning for the implications, which could have far-reaching effects on future land transactions.
In many respects the land market in the North of England reflects that over the border, after all many factors are just the same; the reform to IHT, fluctuating commodity prices and the bursting of the post pandemic bubble to name but a few. The most significant difference is the almost complete loss of area support payment (which in some circumstances has already withered to nothing) and the sudden pulling of funding (for at least the short term) from environmental schemes. English farm income has long been bolstered by the area support and environmental scheme payments and for many farmers has been a lifeline for cashflow and often makes the difference between operating at a profit or loss. These changes are likely to be more profound in the long term than the changes to IHT.
While the full consequences of the revised tax regime remain to be seen, the fear of increased IHT liabilities and unintended knock-on effects might have an impact on the market over the next 12 months. That all said, in our experience, whilst the world vexes over these matters, buyers looking to buy and sellers looking to sell will still enter into a deal that suits them and their personal circumstances often regardless of the backdrop created from these significant national events.
Despite this uncertainty (and the agricultural sector is well used to that on both sides of the border), demand for good quality arable land and mixed farming units has remained strong with interest coming from both established agricultural businesses and an influx of non-farming buyers. Notably, lifestyle and amenity buyers continue to play a significant role, with some acquiring holdings as large as 300 acres or
more, well beyond the traditional equestrian and amenity range of a handful of acres. As expected, the market for bare planting land and hill ground suitable for woodland creation cooled following a very active 2-3 years from 2020 to the end of 2022. The gold rush for ‘natural capital orientated property’ became more tempered with buyers carrying out careful due diligence and analysis in advance of offering to ensure their end goal could be met by a specific farm or block of hill ground with carbon credits and PIU’s now being a driving force for this sector. The interest in land of all types from a range of buyers including investment funds and institutional buyers is here to stay with properties of scale being their primary target. However, we experienced stronger interest in the latter half of 2024 and early 2025 suggesting confidence is returning to this land sector once again.
Figures offered for hill ground and marginal pasture have varied widely over the past year or so, ranging from £1,000 to over £4,000 per acre. There are a host of determining factors as to what a buyer will offer for a particular property with the key ones being scale, location, are there any onerous (or possibly advantageous) conservation designations, the soil structure, and accessibility for tree planting and harvesting to list just a few. As has been the case for several years now, the most productive land in the country, that being prime arable ground continues to achieve the best prices. Typically, productive areas of secondary arable and quality silage ground will trade in excess of £7,000 per acre. But in the most sought-after regions such as Angus, East Lothian, and Fife, prime arable land frequently sells in the region of £12,000 per acre, however local factors can be hugely
influential. In the North of England, the trend is similar with prime arable ground still trading in excess of £10,000 per acre whilst secondary arable ground and good quality grass parks will still comfortably achieve in excess of £6,000 per acre.
Looking ahead, despite the IHT changes, fluctuating commodity prices and the usual array of factors that would seemingly make confidence in the farming sector flux, the appeal of farmland as a long-term investment still remains strong. As the old saying goes “they aren’t making any more of it” and we anticipate that the finely balanced equilibrium between supply and demand will keep land values at current levels with continued activity from both traditional and non-traditional buyers.
... demand for good quality arable land and mixed farming units has remained strong with interest coming from both established agricultural businesses and an influx of non farming buyers.
Duncan Barrie Partner
COMPENSATORY PLANTING
An alternative means to deliver woodland creation
Story & Photography: Claire Acheson
With an ever increasing programme of upgrading Scotland’s electricity network and a steady stream of large scale renewable projects being developed, demand for land to deliver compensatory planting from developers and utility companies has never been higher.
For many landowners this can offer an attractive alternative to traditional government grant scheme funding in order to deliver woodland creation projects. It can also apply to peatland restoration and other habitat management or biodiversity schemes. Developers, including those with statutory powers such as utility companies, have a legal obligation to replace any trees or woodland that are removed as part of their development, and compensatory planting will often be a condition of their planning consent. Generally, the preference is for the compensatory planting to be carried out within the same site, or as close as possible to the development scheme. For larger developments, however, this is not always viable and accordingly the developer will seek suitable land within the same local authority area as the development in order to deliver the compensatory planting. The key difference between planting woodland as a compensatory planting scheme, as opposed to a new woodland scheme (whether grant funded or not), is that the woodland is not deemed to be ‘new planting’ as it is considered to be a legal obligation, therefore does not meet the criteria required to register a scheme under the Woodland Carbon Code (WCC). This means that the Landowner cannot generate or sell any
WCC accredited carbon units associated with the scheme. With carbon now considered a key driver in the financial viability of woodland creation schemes, developers have realised that in order to secure land for compensatory planting, they will need to ensure that the terms offered are compensating for this potential loss of income.
Developers will consider potential sites at various stages. We have been involved in a scheme where the Landowner had already carried out the initial feasibility and survey work to design a scheme, which had obtained Scottish Forestry approval. This was particularly attractive to the developer who was seeking to secure sites that were proven and ready to go. The costs incurred by the Landowner to get the scheme to that point were all reimbursed under the agreed terms. However, developers will also consider sites where no feasibility has been carried out. A basic desktop feasibility assessment can be undertaken to establish a site’s suitability for planting as a starting point.
The introduction of the National Planning Framework 4 (NPF 4) has added an additional layer of complexity to the siting and design of woodland creation schemes, particularly in relation to compensatory planting which is effectively a planning condition. Policy 3 of NPF 4 requires that all development proposals will contribute to the enhancement of biodiversity. This has introduced the requirement for biodiversity net gain (BNG) assessments to be carried out in relation to all schemes, and in some circumstances can restrict the viability of land for woodland if it is considered that planting could have a negative impact on other species or habitats. While this could on one hand potentially restrict the available area of land for planting, it could also have wider benefits as there will be greater credibility where land is suitable for planting, the biodiversity benefits will be greater. Further, this opens up the opportunity for more ‘mixed use’ schemes to be designed that incorporate woodland creation alongside other land management prescriptions and create a more holistic design that truly enhances the local biodiversity.
There are a number of ways a compensatory planting agreement could be structured, so it is important to find a structure that works for both parties. Typically a developer will seek a 20 - 40 year lease over the land, which is considered the minimum required period to establish the woodland to a point of maturity. Depending on the stage of the proposed development,
Claire Acheson Partner
the developer may seek an option agreement initially in order to secure the compensatory planting rights in principle prior to planning consent being granted for the development scheme. An option agreement would typically be for up to 5 years, possibly with an option to extend for a further period and would be subject to either a lump sum or an annual option fee. The developer will incur all the costs to fence, plant and manage the woodland for the duration of the lease. At the end of the lease the trees and timber rights will belong to the Landlord.
The structure of financial terms can also vary somewhat, so again it is important to take advice to determine what is going to work best in terms of the landlord entity and what is most tax efficient. Typically a Landowner may seek to have an upfront ‘development fee’ or ‘compensation payment’ for giving up the rights over the land, with an annual rent, which may vary depending on the value of the initial sums paid. Given the long duration of these agreements, it’s important to ensure indexation provisions or rent review measures are applied to ensure that the income holds its value for the duration of the agreement.
Careful consideration is required in relation to matters such as access and sporting rights. On a sporting estate it is generally in both parties’ interest if the Landowner continues to retain the sporting rights over the site and can carry out deer control within the enclosure alongside the estate’s wider
u Galbraith is experienced in promoting land for compensatory planting and agreeing terms with developers and utility companies.
stalking activities. However, it is likely that the developer will want to retain the ability to step in and undertake deer control within the leased area in the event that deer are damaging the trees and not being controlled adequately. It is also important to ensure that the developer does not try to restrict a Landowner’s right over the wider estate by imposing clauses that affect the whole of the ‘Landlord’s Property’. Overall, there are a number of reasons why entering into such an agreement can be attractive for a Landowner. Unlike grant schemes where the Landowner has to pay the costs of feasibility, design and establishment upfront and claim back the grant money, a compensatory planting scheme can pass all those upfront costs onto a developer. The developer has all the liability for ensuring that the woodland establishes successfully (monitoring and undertaking any required beat up) relieving the Landowner from this obligation. The lease term is also likely to be significantly shorter than a Woodland Carbon contract which has a minimum obligation period of 35 years, but usually more than 60 years to sequester a viable quantum of carbon. To this effect, provided the financial terms are comparable, a compensatory planting scheme will be much less onerous in terms of a long-term burden on the land.
Galbraith is experienced in promoting land for compensatory planting and agreeing terms with developers and utility companies.
The Labour government has made clear its enthusiasm for renewable energy generation, and the new National Planning Framework provides significant support to the programme from a planning perspective.
Story: Calum Innes, Richard Higgins & Harry Stott
However, as we strive for a greener future, making many of these projects a reality is set to present major challenges.
The failings of our current transmission infrastructure are ever more apparent as we attempt to direct electricity generated offshore or in the more remote parts of Scotland southwards, to centres of demand. The disturbance and disruption arising from electricity network reinforcement are increasingly apparent, with affected communities reacting strongly against negative visual impact, loss of amenity and concerns over potential impact on property values.
In terms of onshore wind generation, we may be approaching saturation point, but there are plans on the horizon which will dwarf the disruption encountered by these developments.
At present there are more than 20 large-scale, pumped storage hydro schemes being promoted in Scotland, representing many hundreds of GW of potential generation – all are to be in remote rural locations.
Even if only a handful of these schemes are developed, the impact on remote and fragile communities is likely to be enormous, as development on this scale has not been experienced for over half a century since the North of Scotland Hydro-Electric Board (NSHEB) launched the post-war boom in hydro infrastructure.
ENERGY DEVELOPMENTS
Set to stretch local infrastructure
u “We find ourselves on both sides of this conundrum, acting for contractors eager to source the necessary land and landowners responding to these demands.”
TANGIBLE BENEFITS
The logistical challenges of delivering a single project are substantial, with thousands of workers to be accommodated and plant and materials delivered to remote locations via inadequate roads infrastructure. If this is multiplied by even a small number, the scale of the undertaking is breathtaking.
Of course, we’ve been here before. NSHEB delivered tens of projects in the post-war period, but these were different times when most remote communities were without electricity and the benefits to those impacted by the upheaval were tangible. Today, this infrastructure is required to balance a grid serving the nation as a whole, and it is likely there will be limited local benefit in comparison with the level of disturbance suffered.
The need for energ y storage to balance a grid reliant on intermittent renewable generation is widely understood, and pumped storage hydro might be considered to have many advantages over battery storage requiring lithium.
That said, delivery of these projects will be reliant on a global supply chain and it is likely the majority of the labour effort required will be sourced from overseas. We are all painfully aware of the housing crisis impacting many parts of the country, and the Highlands face similar challenges anticipating 24,000 new houses over the next ten years to address existing shortages and the expected influx of labour to serve the Inverness and Cromarty Firth Green Freeport.
Add the impact of pumped storage hydro and electricity network reinforcement and the requirements become almost unimaginable.
Due to urgency of need and the remote locations where these projects are being developed, the solution being considered is the creation of temporary worker villages housing 400 to 500 individuals together with all the ancillary facilities required to support and feed a population equivalent to many a Highland village.
We find ourselves on both sides of this conundrum, acting for contractors eager to source the necessary land and landowners responding to these demands.
A lot of thought and energy is being given to whether such activity can provide a lasting legacy to the current housing crises, but in many cases the locations are simply too remote to provide a basis for long-term settlement once the development phase has been completed.
INCREASED OPPORTUNITIES
We should be mindful of history in this regard. A few years ago, we marketed and sold the village of Polphail in Argyll, which was constructed in the 1970s to provide accommodation for oil rig construction workers. But changes in construction methods resulted in the village never being occupied and its location was such that it served no wider use.
Closer to existing centres of population, the opportunities for longer-term benefits increase, and we have been involved in repurposing former hotels, where investment in refurbishment and upgrading means tired buildings will be handed back to landlords in an improved condition, leading, it is hoped, to general improvement of tourist and worker accommodation in the medium term.
Doubtless change brings opportunity and, given the extent of development likely to meet energy supply aspirations into the future, we envisage many years of more people living and working in areas which have seen depopulation. However, this is likely to be at a cost of considerable disruption and questions remain whether such can be delivered while leaving a positive legacy.
Notwithstanding that, there are doubtless many who will benefit from this almost unprecedented investment, and it is an exciting time to be involved in land and property in the Highlands.
Calum
The Importance of an Accurate Reinstatement Cost Assessment for Insurance
When it comes to property insurance, ensuring that your building is adequately covered is crucial. A key component of this is having an accurate and up to date Reinstatement Cost Assessment (RCA).
Story: Josh Lamb
This assessment determines the cost of demolition of the current building and the materials and labour involved in re-construction on a like-for-like basis. Statutory costs and professional fees are also included within an assessment, to calculate a total rebuild figure. Without an accurate assessment, a property owner risks financial exposure that could have severe consequences in the event of a loss.
How a Building Consultancy Can Assist
Galbraith Building Consultancy regularly plays a crucial role in conducting accurate RCAs for client properties. Our expertise ensures that property owners receive an up-to-date and precise valuation of their assets, aligning insurance coverage with current rebuilding costs. The assessment process typically includes:
1
Detailed Property Inspection
A thorough site visit is conducted to assess the size, structure, materials, and unique characteristics of the building. This evaluation considers external features, internal finishes, and mechanical and electrical installations.
2
Assessment of Construction Costs
Our team utilises up-to-date construction cost data, factoring in labour, materials, and any additional costs associated with site constraints, demolition, and professional fees. Construction costs are calculated by using in-house data and the RICS “Building Cost Information Service”.
3
Specialist Considerations
Certain buildings, such as heritage properties or those with unique architectural features, require a specialised assessment due to their intricate reconstruction needs. At Galbraith we ensure these factors are accurately reflected in the final valuation.
4
Consideration of Regulatory and Inflationary Factors
Changes in building regulations, planning policies, and inflation rates are accounted for to ensure the reinstatement cost reflects current and future financial realities.
5
Regular Reviews and Updates
Property values and construction costs fluctuate over time Galbraith Building Consultancy can provide periodic reassessments to ensure insurance coverage remains adequate as costs evolve. An assessment should be reviewed every 3-5 years, or after major property changes to maintain accurate coverage.
The Consequences of Underinsurance
Failure to obtain an accurate reinstatement cost can have significant consequences for property owners and businesses. In the event of a total or partial loss, an incorrect valuation can result in:
Inadequate Payouts
• Underinsurance is a common problem that can result in claims being settled on a proportionate basis, often referred to as the "average clause". This means that if a building is insured for only 70% of its true reinstatement value, the insurer may only pay out 70% of the claim, leaving the policyholder responsible for the remaining 30%. In cases of significant damage, this can have severe financial repercussions, potentially leaving property owners unable to rebuild their assets fully.
Delays in Reconstruction
• Insufficient funds may cause significant project delays, impacting business operations and preventing homeowners from reoccupying their property.
Conclusion
A Reinstatement Cost Assessment is a vital component of securing adequate insurance coverage for any property. Galbraith Building Consultancy regularly undertake RCAs for clients on a wide range of properties from commercial offices, agricultural and industrial buildings, through to traditional category “A” listed mansion houses and castles.
Galbraith ensure that valuations are precise, comprehensive, and aligned with current construction costs. This diligent approach safeguards policyholders from financial risks associated with underinsurance while preventing unnecessary expenditure from over-insurance. By obtaining a professional RCA, property owners can achieve peace of mind knowing they are adequately protected against potential losses, in the event of partial damage or total destruction.
u “An assessment should be reviewed every 3-5 years.”
Josh Lamb Senior Surveyor
0131 240 6960
edinburgh@galbraithgroup.com
GET TO KNOW OUR CHAIRMAN
Andrew Shepherd
Can you describe your role as Chairman of Galbraith – what does a typical day look like?
The role of Chairman is varied and rarely are two days the same. A day can include working with Martin our CEO on partnership matters, participating in Partner or Finance and Management meetings or working with Partners and the heads of the executive functions. I also provide client service training for those who are client facing. It is the time spent working alongside capable and interesting people that makes the role so enjoyable.
What are the most rewarding parts of your role?
One of the most rewarding parts of the role is seeing potential in people being nurtured and developed into capable and effective professionals. Another is recognising and dealing with challenges that conclude with a positive result.
What motivates you professionally?
I seem to have inherited a gene that means that I am on continual “drive”. This might be helpful professionally, but I am told by my wife that it can be “unhelpful” at home!
How did your career path lead you to this point?
I intended to become a farmer and studied Agriculture at Edinburgh. I felt that the degree course did not cover business management so a post graduate year at Heriot-Watt followed. The course was intended for those with non-accounting degrees to train as Chartered Accountants. I loved the course and changed my direction to become a CA in a professional practice helping run the family farms in the evenings and weekends. Before joining Galbraith I was a Partner for 24 years and Chairman for 9 years at Johnston Carmichael.
Recognise the ability in others and delegate to their strengths.
What do you think sets Galbraith apart in the property and land sector?
Quite simply it’s the people. You would expect the Firm to have good systems for example, but it is the capability and experience of the people that makes Galbraith what it is.
What’s the best piece of professional advice you’ve ever received?
Recognise the ability in others and delegate to their strengths.
What’s your favourite place in the UK and why?
As a keen hillwalker, around and to the north of Ullapool is hard to beat. The hills and landscape are fantastic!
How do you like to unwind after a busy week?
A run or hillwalk helps to put the world into perspective, clarifies your thinking, provides a sense of achievement and builds up a thirst for a cold beer after!
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